(1) The Bank may withdraw a waiver granted to a person (in this Regulation called the "undertaking") under Regulation 33(2) -
(a) if the undertaking -
(i) does not begin to engage in the business of electronic money issuance or the provision of payment services in accordance with the waiver within 12 months, expressly renounces the waiver or ceases to engage in that business for more than 6 months,
(ii) obtained the waiver through false statements or any other irregular means,
(iii) no longer qualifies as a small electronic money institution, or
(iv) would constitute a threat to the stability of the payment system by continuing to issue electronic money or provide payment services,
or
(b) on being satisfied on reasonable grounds that -
(i) the undertaking 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 under this Part,
(ii) in the case of a partnership, the partners
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