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- (b) an officer of the CMO fails to comply with a regulatory direction given to the officer;
- (c) there is significant impropriety in the financial affairs of the CMO; or
- (d) IPOS considers that the public interest so requires.
(2) Before making a cessation order against a CMO, IPOS must give the CMO an opportunity to make representations in accordance with the prescribed procedure.
(3) To avoid doubt, a cessation order may be made in addition to any financial penalty or sentence imposed on the CMO.
(4) When a CMO is under a cessation order—
- (a) every class licence ceases to apply to it, unless the order otherwise specifies; but
- (b) to avoid doubt, it is still subject to regulatory directions.
(5) IPOS may, by written notice, revoke a cessation order at any time.
Reconsideration of decisions
466.—(1) This section applies where IPOS—
- (a) imposes a financial penalty on a person;
- (b) makes a cessation order against a person; or
- (c) gives a regulatory direction to a person.
(2) The person may apply to IPOS, within the prescribed time and in the prescribed manner, for IPOS to reconsider its decision.
(3) In an application for reconsideration—
- (a) IPOS must, within the prescribed time, confirm, vary or set aside its decision; and
- (b) unless IPOS otherwise orders, a financial penalty must be paid, and a cessation order or regulatory direction complied with, pending reconsideration by IPOS.
