(1) The Central Bank may revoke the licence of a licensed financial holding company where —
(a) the licensed financial holding company persistently fails to comply with the requirements of this Act;
(b) the licensed financial holding company fails to comply with the conditions of its licence;
© the licensed financial holding company ceases to meet the requirements for licensing as a financial holding company;
(d) the Central Bank determines that a licence was granted based on false or inaccurate information;
© the Central Bank determines that a licensed financial holding company is or is likely to be insolvent;
(f) the parent company of the licensed financial holding company loses its authorisation to conduct banking business in its home jurisdiction; or
(g) proceedings for bankruptcy, insolvency, or an arrangement with creditors is initiated.
(2) Where the Central Bank revokes the licence of a licensed financial holding company, it may —
(a) order the divestiture of the licensed financial institution owned by the licensed financial holding company;
(b) restrict transactions between the licensed financial institution and the licensed financial holding company and other members of the financial group; or
© place the licensed financial holding company under official administration or receivership.