S.L. 345.21 Art. 4Withdrawal of authorisation.

The competent authority may withdraw the authorisation of an APA or an ARM with a derogation in accordance with Article

2(3) of MIFIR, where such APA or ARM:

(a) does not make use of the authorisation within twelve months from the date when authorisation was granted, expressly renounces the authorisation or has provided no services for the preceding six months;

(b) obtained the authorisation by making false statements or by any other irregular means;

(c) no longer meets the conditions under which it was authorised; or

(d) has seriously and systematically infringed any applicable provision set out in MiFIR.