The competent authority may withdraw the authorisation issued to an
investment firm where such an investment firm:
(a) 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 authorisation to
lapse in such cases;
(b) has obtained the authorisation by making false statements or by any
other irregular means;
(c) no longer meets the conditions under which authorisation was
granted, such as compliance with the conditions set out in Directive
93/6/EEC;
(d) has seriously and systematically infringed the provisions adopted
pursuant to this Directive governing the operating conditions for
investment firms;
(e) falls within any of the cases where national law, in respect of matters
outside the scope of this Directive, provides for withdrawal.