7.—(1) A European licence shall, unless previously revoked or surrendered in accordance with any provision in these Regulations or the licence, continue in force as long as the ORR is satisfied that the railway undertaking concerned continues—
(a)to satisfy the requirements referred to in Schedule 2 as to good repute, financial fitness, professional competence and insurance cover for civil liabilities, and
(b)to submit the licence to the ORR for review or approval when so required under regulation 8.
(2) A European licence may incorporate specific provisions governing the suspension or revocation of the licence.