5.

The competent authorities may withdraw the authorisation issued to a management company subject to this Directive only where that company: does not make use of the authorisation within 12 months, expressly renounces the authorisation or has ceased the activity covered by this Directive more than six months previously, unless the Member State concerned has provided for authorisation to lapse in such cases; has obtained the authorisation by making false statements or by any other irregular means; no longer fulfils the conditions under which authorisation was granted; no longer complies with Directive 2006/49/EC if its authorisation also covers the discretionary portfolio management service referred to in Article 6(3)(a) of this Directive; has seriously or systematically infringed the provisions adopted pursuant to this Directive; or falls within any of the cases where national law provides for withdrawal.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.