Section 38: Termination of arrangements and revocation of declaration or recognition

38. Termination of arrangements and revocation of declaration or recognition (1) The Commission may revoke a declaration or recognition where— (a) the SRO has failed to commence operation within 3 months after an arrangement under this Part has been entered into; (b) the Commission is not satisfied that the SRO is properly performing or is able to perform the functions or powers delegated to it, or its other functions and powers; (c) the Commission is satisfied that the SRO has committed a material breach of an arrangement or of a relevant Act or other applicable enactment; (d) it appears to the Commission that the SRO is involved in a financial crime; (e) the SRO fails to comply with a direction of the Commission. F10 – 23 [Issue 3] Financial Services Act (2) The Commission shall not revoke a declaration or a recognition unless— (a) the SRO is agreeable to the revocation; or (b) the Commission has notified the SRO of its intention and the reasons for the action of the Commission, and has given the SRO a reasonable opportunity to make representations to the Commission thereon. (3) The Commission shall cause notice of the revocation under subsection (1) to be published in the Gazette.