The Bank may withdraw the authorisation granted to an AIFM where the AIFM -
(a) does not make use of the authorisation within 12 months after the date of its grant, expressly renounces the authorisation or has ceased the activity to which these Regulations apply for the preceding 6 months, unless the Bank has provided for the authorisation to lapse in such cases;
(b) obtained the authorisation by making false statements or by any other irregular means;
(c) no longer complies with one or more of the conditions attached to the authorisation;
(d) no longer complies with Directive 2006/49/EC if its authorisation also covers the discretionary portfolio management service referred to in Regulation 7(4)(a); or
(e) has contravened any of these Regulations and the contravention or contraventions is or are, in the opinion of the Bank, of a serious or systematic nature.