Section 1098F | Ceasing to be an authorised corporate service provider ^F1

(1)A person ceases to be an authorised corporate service provider if the person ceases to be a relevant person as defined by regulation 8(1) of the Money Laundering Regulations.

(2)The Secretary of State may by regulations—

(a)provide for other circumstances in which a person ceases to be an authorised corporate service provider, whether automatically or as a result of a decision taken by the registrar;

(b)provide for circumstances in which the registrar may suspend a person’s status as an authorised corporate service provider pending a decision by the registrar under regulations made by virtue of paragraph (a).

(3)The provision that can be made under subsection (2) includes provision as to—

(a)procedure;

(b)the period of a suspension;

(c)the revocation of a suspension.

(4)The provision that can be made in regulations under subsection (2) includes provision conferring a discretion on the registrar.

(5)Regulations under subsection (2) are subject to affirmative resolution procedure.

(6)In this section “Money Laundering Regulations” has the meaning given by section 1098B(8).