(1) The Bank may cancel the authorisation of a SPRV established in the State on being satisfied on reasonable grounds that the vehicle is failing, or has failed, to comply with any condition of the authorisation or with any requirement imposed on the SPRV by or under this Part.

(2) The Bank may also cancel the authorisation of a SPRV on any of the following grounds:

(a) the SPRV has not operated as such within the immediately preceding 6 months;

(b) the authorisation was obtained by means of a false or misleading representation;

(c) the SPRV has become subject to an insolvency process, such as winding-up or bankruptcy;

(d) since the authorisation was granted, the circumstances under which it was granted have changed to the extent that an application for an authorisation would be refused had it been made in the changed circumstances;

(e) the SPRV is failing, or has failed, to comply with a rule in force under Regulation 39;

(f) the SPRV has failed, within the permitted period, to implement a restoration plan prepared under Regulation 60;