Licences
I115Transfer, variation, suspension or termination of licence
1
A licence under this Act may be transferred with the written consent of the regulator.
2
The regulator may consent to a licence being transferred to a person (“the transferee”) only if satisfied that—
a
consenting to the transfer—
i
will not impair the national security of the United Kingdom;
ii
is consistent with the international obligations of the United Kingdom;
iii
is not contrary to the national interest;
b
the transferee has the financial and technical resources to do the things authorised by the licence, and is otherwise a fit and proper person to do them;
c
the persons who are expected to do, on the transferee's behalf, any of the things authorised by the licence are fit and proper persons to do them.
3
The regulator may revoke, vary or suspend a licence under this Act—
a
with the consent of the licensee,
b
in accordance with the terms of the licence, or
c
where the regulator is satisfied it is necessary to do so—
i
in the interests of safety,
ii
in the interests of national security,
iii
to comply with any international obligation of the United Kingdom, or
iv
otherwise in the national interest.
4
The regulator may revoke or vary a licence under this Act where it appears to the regulator that—
a
a condition of the licence has not been complied with, or
b
the licensee has failed to comply with, or to secure compliance with, obligations imposed under or by virtue of any enactment.
5
Where it appears to the regulator that an investigation or review is needed to ascertain whether or not—
a
it is necessary to revoke or vary a licence under subsection (3)(c), or
b
paragraph (a) or (b) of subsection (4) applies,
the regulator may vary or suspend the licence pending the outcome of the investigation or review.
6
If the regulator is not the Secretary of State, the regulator must consult the Secretary of State—
a
before revoking a licence under this Act,
b
before varying such a licence (otherwise than under subsection (5)), or
c
before consenting to the transfer of such a licence.
7
The suspension, revocation or expiry of a licence does not affect the obligations of the licensee or former licensee under the conditions of the licence.
8
For the purposes of this section, varying a licence includes—
a
removing, varying or suspending a condition of a licence;
b
adding a new condition to a licence.