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16.—(1) SIB may revoke an authorisation order if it appears to it—
(a)that any of the requirements for the making of the order are no longer satisfied;
(b)that it is undesirable in the interests of shareholders, or potential shareholders, of the investment company with variable capital concerned that it should continue to be authorised; or
(c)without prejudice to sub-paragraph (b), that the company, any of its directors or its depositary—
(i)has contravened any relevant provision;
(ii)in purported compliance with any such provision, has furnished SIB with false, inaccurate or misleading information; or
(iii)has contravened any prohibition or requirement imposed under a provision falling within paragraph (5)(a), (c) or (e).
(2) For the purposes of paragraph (1)(b), SIB may take into account—
(a)any matter relating to the company or its depositary;
(b)any matter relating to any director or controller of the depositary of the company;
(c)any matter relating to any person employed by or associated, for the purposes of the business of the company, with the company or its depositary; or
(d)any matter relating to—
(i)any director of the company; or
(ii)any person who would be such a person as is mentioned in any of sub-paragraphs (a) to (d) of paragraph (2) of regulation 9 if that paragraph applied in respect of a director of the company as it applies in respect of a proposed director.
(3) Before revoking any authorisation order that has come into effect, SIB shall ensure that such steps as are necessary and appropriate to secure the winding up of the company (whether by the court or otherwise) have been taken.
(4) This regulation confers the same powers in relation to a shadow director of an investment company with variable capital as it confers in relation to a director of such a company.
(5) In paragraph (1)(c), “relevant provision” means any provision of—
(a)the 1986 Act;
(b)any rules or regulations made under that Act;
(c)these Regulations;
(d)SIB regulations; and
(e)any rules of a recognised self-regulating organisation of which an investment company with variable capital, or any director or depositary of such a company, is a member.
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