Article 11 Withdrawal of the authorisation

does not make use of the authorisation within 12 months, expressly renounces the authorisation or has ceased the activity covered by this Directive for the preceding 6 months, unless the Member State concerned has provided for authorisation to lapse in such cases;

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

no longer meets the conditions under which authorisation was granted;

no longer complies with Directive 2006/49/EC if its authorisation also covers the discretionary portfolio management service referred to in point (a) of Article 6(4) of this Directive;

has seriously or systematically infringed the provisions adopted pursuant to this Directive; or

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