§ 465 — Cessation order

465.—(1) IPOS may, by written notice, order a CMO to cease its business as a CMO indefinitely or for a specified period if —(a)

the CMO fails to comply with —(i)

a class licence condition; or

(ii)

a regulatory direction given to it;

(b)

an officer of the CMO fails to comply with a regulatory direction given to the officer;

(c)

there is significant impropriety in the financial affairs of the CMO; or

(d)

IPOS considers that the public interest so requires.

(2) Before making a cessation order against a CMO, IPOS must give the CMO an opportunity to make representations in accordance with the prescribed procedure.

(3) To avoid doubt, a cessation order may be made in addition to any financial penalty or sentence imposed on the CMO.

(4) When a CMO is under a cessation order —(a)

every class licence ceases to apply to it, unless the order otherwise specifies; but

(b)

to avoid doubt, it is still subject to regulatory directions.

(5) IPOS may, by written notice, revoke a cessation order at any time.

—(1) IPOS may, by written notice, order a CMO to cease its business as a CMO indefinitely or for a specified period if —(a)

the CMO fails to comply with —(i)

a class licence condition; or

(ii)

a regulatory direction given to it;

(b)

an officer of the CMO fails to comply with a regulatory direction given to the officer;

(c)

there is significant impropriety in the financial affairs of the CMO; or

(d)

IPOS considers that the public interest so requires.

(2) Before making a cessation order against a CMO, IPOS must give the CMO an opportunity to make representations in accordance with the prescribed procedure.

(3) To avoid doubt, a cessation order may be made in addition to any financial penalty or sentence imposed on the CMO.

(4) When a CMO is under a cessation order —(a)

every class licence ceases to apply to it, unless the order otherwise specifies; but

(b)

to avoid doubt, it is still subject to regulatory directions.

(5) IPOS may, by written notice, revoke a cessation order at any time.