Page 419 - IOM Law Society Rules Book

122 Financial Services Act 2008 c.8

(5) A licence may be issued in respect of one or more
regulated activities and where a licence is issued in respect of more
than one regulated activity, different conditions may be imposed
in respect of different regulated activities.

(6) If the holder of a licence is in contravention of any
condition imposed under this section, the Commission may
undertake action for a breach.

(7) In this Act, a person who has been issued with a licence
under this section is referred to as a “licenceholder”.

Alteration of 8. (1) The Commission may at any time —
conditions of
existing
licences (a) make a licence subject to conditions or, as the case
requires, further conditions; or

(b) vary or revoke any condition.

(2) Where a licence is issued in respect of more than one
regulated activity, the powers under subsection (1) may be
exercised in respect of the conditions imposed in respect of any or
all of those activities.

(3) The Commission shall give written notice to the person
concerned of any decision to vary or revoke any condition under
subsection (1) together with a statement of the reasons for the
decision.

(4) If the holder of a licence is in contravention of any
condition imposed under this section, the Commission may
undertake action for a breach.

Revocation or 9. (1) The Commission may at any time revoke or suspend a
suspension of licence to carry on a regulated activity.
a licence
(2) The Commission shall give written notice to the
person concerned of any decision to revoke or suspend a licence
under this section together with a statement of the reasons for
the decision.

(3) Where a licence is issued in respect of more than one
regulated activity, the powers under this section may be exercised
in respect of any or all of those activities.

(4) Where the Commission suspends a licence under
subsection (1), it shall review the suspension on a regular basis.