(1) The Bank may withdraw an authorisation issued to an electronic money institution -
(a) if the institution -
(i) does not engage in the provision of electronic money services or payment services, in accordance with the authorisation within 12 months, expressly renounces the authorisation or ceases to engage in that business for more than 6 months,
(ii) obtained the authorisation through false statements or any other irregular means,
(iii) would constitute a threat to the stability of or trust in the payment system by continuing its electronic money or payment services business, or
(iv) no longer meets the conditions for granting the authorisation or fails to inform the competent authority on major developments in this respect,
or
(b) on being satisfied on reasonable grounds that -
(i) the holder of the authorisation has contravened or is contravening, or has failed or is failing to comply, with a provision of this Part, a condition of the authorisation or a requirement imposed by or
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