it appears to it that the small e-money issuer does not meet the relevant conditions, or has failed to meet the relevant conditions at any time since the small e-money certificate issuer certificate was given; or
For the purposes of ELM 8.6.1 G (1), the small e-money issuer meets 'the relevant conditions' at any time if, at that time, the conditions referred to in ELM 8.4.6 G, ELM 8.4.9 G or ELM 8.4.10 G apply. In this chapter, the relevant conditions (the phrase used in the Regulated Activities Order) are referred to as 'the conditions referred to in ELM 8.4'.
When determining whether it is appropriate to use the power referred to in ELM 8.6.1 G (1), the FSA will take account of all the relevant circumstances of the case. The FSA may consider that it is not appropriate to revoke where, for example, the failure to meet the conditions:
In determining whether to revoke a small e-money issuer certificate under the power referred to in ELM 8.6.1 G (2), the FSA will consider all the relevant circumstances, including the nature and seriousness of the contravention or failure to provide information or produce documents. Amongst other factors, the FSA may consider:
whether there is information which suggests the contravention or failure was deliberate or reckless;
the length of any delay in providing a report, document or other required information;
the seriousness of any factual inaccuracies or other deficiencies in the information provided to the FSA;
the record of its compliance with the conditions referred to in ELM 8.4.
If the FSA proposes to revoke a small e-money issuer certificate otherwise than at the request of the small e-money issuer, it must give him a warning notice (see DEC 2.2 (Warning notice procedure)). Similarly, if it decides to revoke the certificate, it must give him a decision notice (see DEC 2.3 (Decision notice procedure)).
An application for revocation may be associated with an application for a Part IV permission to carry on the regulated activity of issuing e-money (or for a variation of an existing permission to add that activity). If so, the revocation will, if the small e-money issuer requests it on making the application, be conditional on the granting of the application.