(1) Subject to paragraph (2), the FCA may revoke the registration of a small registered UK AIFM, including its registration under Article 15 of the EuSEF Regulation or Article 14 of the EuVECA Regulation, if -
(a) the AIFM does not meet a condition in regulation 10(2), (3) or, as the case may be, (4)(a) or (b);
(b) the AIFM has contravened an implementing provision that applies to it;
(c) the AIFM applies for or consents to the revocation of its registration;
(e) a fee due in respect of the registration has not been paid.
(2) If an AIFM applies to the FCA for permission in accordance with regulation 16(2)(b), the FCA may not revoke the registration of the AIFM on the ground that the AIFM is not a small AIFM until the FCA has determined the AIFM's application.