Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) (Text with EEA relevance)
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The competent authority which granted an authorisation under Articles 41 may withdraw the authorisation issued to a third country firm where such a firm:
does not make use of the authorisation within 12 months, expressly renounces the authorisation or has provided no investment services or performed no investment activity for the preceding six months, unless the Member State concerned has provided for the authorisation to lapse in such cases;
has obtained the authorisation by making false statements or by any other irregular means;
no longer meets the conditions under which authorisation was granted;
has seriously and systematically infringed the provisions adopted pursuant to this Directive governing the operating conditions for investment firms and applicable to third-country firms;
falls within any of the cases where national law, in respect of matters outside the scope of this Directive, provides for withdrawal.
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