s 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.