5 Restrictions on the holding of licences.U.K.
(1)The Commission shall do all that they can to secure—
(a)that a person does not become or remain the holder of a licence if he is a person who is a disqualified person in relation to that licence by virtue of Part II of Schedule 2 to this Act; and
(b)that any requirements imposed by or under Parts III to V of that Schedule are complied with by or in relation to persons holding licences in relation to which those requirements apply.
(2)The Commission may accordingly—
(a)require any applicant for a licence to provide them with such information as they may reasonably require for the purpose of determining—
(i)whether he is such a disqualified person as is mentioned in subsection (1)(a),
(ii)whether any such requirements as are mentioned in subsection (1)(b) would preclude them from granting a licence to him, and
(iii)if so, what steps would be required to be taken by or in relation to him in order for any such requirements to be complied with;
(b)revoke the award of a licence to a body where a relevant change takes place after the award, but before the grant, of the licence;
(c)make the grant of a licence to any person conditional on the taking of any specified steps that appear to them to be required to be taken as mentioned in paragraph (a)(iii);
(d)impose conditions in any licence enabling them to require the licence holder, if a body corporate, to give to them advance notice of proposals affecting—
(i)shareholdings in the body, or
(ii)the directors of the body,
where such proposals are known to the body;
(e)impose conditions in any licence enabling them to give the licence holder directions requiring him to take, or arrange for the taking of, any specified steps appearing to them to be required to be taken in order for any such requirements as are mentioned in subsection (1)(b) to be complied with.
(3)Where the Commission—
(a)revoke the award of any licence in pursuance of subsection (2)(b), or
(b)determine that any condition imposed by them in relation to any licence in pursuance of subsection (2)(c) has not been satisfied,
any provisions of this Part relating to the awarding of licences of the kind in question shall (subject to subsection (4)) have effect as if the person to whom the licence was awarded or granted had not made an application for it.
(4)Those provisions shall not so have effect if the Commission decide that it would be desirable to publish a fresh notice under this Part in respect of the grant of a licence, or (as the case may be) a further licence, to provide the service in question.
(5)Every licence shall include such conditions as the Commission consider necessary or expedient to ensure that where—
(a)the holder of the licence is a body, and
(b)a relevant change takes place after the grant of the licence,
the Commission may revoke the licence by notice served on the holder of the licence and taking effect forthwith or on a date specified in the notice.
(6)The Commission shall not serve any such notice on the licence holder unless they have given him a reasonable opportunity of making representations to them about the matters complained of.
(7)In this section “relevant change”, in relation to a body to which a licence has been awarded or granted, means—
(a)any change affecting the nature or characteristics of the body, or
(b)any change in the persons having control over or interests in the body,
being (in either case) a change which is such that, if it fell to the Commission to determine whether to award the licence to the body in the new circumstances of the case, they would be induced by the change to refrain from so awarding it.