16.—(1) This regulation specifies the circumstances (“the disqualifying circumstances”) in which the Board may by notice withdraw their approval of a person as an account provider in relation to an account.
(2) The disqualifying circumstances are that the Board have reason to believe—
(a)that any provision of the Act or these Regulations, or any term of an undertaking given in accordance with regulation 14(2)(b) or condition under regulation 14(4), is not or at any time has not been satisfied, either in respect of an account managed by the account provider or otherwise; or
(b)that a person to whom they have given approval to act as an account provider is not qualified so to act.
(3) The notice to which paragraph (1) refers shall specify—
(a)the date from which the Board’s approval is withdrawn; and
(b)the disqualifying circumstances.