154. (1) On and after the date, or the occurrence of the event, as the case may be, on which the F55[revocation under Chapter 3A, termination under Chapter 4, or revocation under Chapter 5], as the case may be, takes effect, the holder of the relevant authorisation shall cease to be able to exercise any powers under the relevant authorisation.

(2) All the holder’s obligations under the relevant authorisation or this Act shall continue to apply to the holder and the holder shall continue to discharge the obligations unless—

(a) the effect of subsection (1) prevents the holder from doing so, or

(b) in the case of the revocation of a relevant authorisation under Chapter 5, the notice concerned under section 151(2) specifies that the holder is not required to discharge the obligation concerned.