(1) The Minister may revoke approval of an operator in all or any of the following circumstances, namely, where -

(a) a request has been made in that behalf by the operator, or

(b) the operator -

(i) has failed to operate a relevant system within 12 months of the date on which the approval to be an operator was granted, or

(ii) has failed to operate as a relevant system for a period of more than 6 months, or

(iii) is being wound up.

(2) Without prejudice to the power of the Minister to revoke an approval under paragraph (1), the Minister may apply to the High Court, in a summary manner, for an order revoking the approval in any or all of the following circumstances, namely, if -

(a) at any time it appears to the Minister that any requirement of the Schedule is not satisfied by an approved operator, or

(b) it is expedient to do so in the interest of the proper and orderly regulation of operators, or their system users, or in order to protect investors,