(1) A supervisory authority may revoke the authorisation of an authorised investment business firm on a request being made to it by or on behalf of the firm.

(2) A supervisory authority may also revoke the authorisation of an authorised investment business firm on the following grounds:

(a) that the firm has failed to operate as an investment business firm within 12 months of the date on which it was authorised under this Act;

(b) that the firm has failed to operate as an investment business firm for a period of more than six months;

(c) that the firm is being wound up;

(d) that it is expedient to do so in the interests of the proper and orderly regulation and supervision of investment business firms or in order to protect investors or in any or all of these circumstances;

(e) that the firm has been convicted on indictment of an offence under this Act or any other designated enactment or designated statutory instrument, or any offence involving fraud, dishonesty or breach of trust;