Article 6
Withdrawal of authorisation
1. The supervisory authority granting supervisory approval to establish the special purpose vehicle may withdraw the authorisation of that special purpose vehicle where:
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(a) |
the special purpose vehicle no longer fulfils the original conditions under which the approval to establish that special purpose vehicle was granted; |
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(b) |
the special purpose vehicle fails seriously in its obligations under the regulations to which it is subject. |
2. In the case referred to in paragraph (1)(b) above, the supervisory authority shall consider the special purpose vehicle to have committed a serious failure where it does not comply with the requirement to remain fully funded and the supervisory authority considers that the special purpose vehicle cannot restore its compliance within a reasonable timeframe.
3. Any decision to withdraw authorisation shall state the full reasons and shall be communicated to the special purpose vehicle without delay.