Regulation 9
Lapsing of capital markets services licence
of Securities and Futures (Licensing and Conduct of Business) Regulations
For the purposes of section 95(1)(b) of the Act, where the Authority has not revoked a capital markets services licence under section 95(2) of the Act, or suspended the capital markets services licence under section 95(3) of the Act, the licence shall lapse —
if the holder has not commenced business in at least one of the regulated activities to which the licence relates within 6 months (or such longer period as the Authority may allow) from the date of the grant of the licence, immediately upon the expiry of that period; or
if the holder —
has ceased to carry on business in all of the regulated activities to which the licence relates;
has not resumed business in any of those regulated activities for a continuous period of 2 months from the date of cessation of business; and
has not notified the Authority of such cessation of business at any time during the period of 2 months,immediately upon the expiry of that period of 2 months.