Section 2 Withdrawal of authorisations

does not make use of the authorisation within 12 months, expressly renounces the authorisation or has provided no investment services or performed no investment activity for the preceding six months, unless the Member State concerned has provided for the authorisation to lapse in such cases;

has obtained the authorisation by making false statements or by any other irregular means;

no longer meets the conditions under which authorisation was granted;

has seriously and systematically infringed the provisions adopted pursuant to this Directive governing the operating conditions for investment firms and applicable to third-country firms;

falls within any of the cases where national law, in respect of matters outside the scope of this Directive, provides for withdrawal.