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Rh :(b) an officer of the CMO fails to comply with a regulatory direction given to the officer;
 * (c) there is significant impropriety in the financial affairs of the CMO; or
 * (d) IPOS considers that the public interest so requires.

(2) Before making a cessation order against a CMO, IPOS must give the CMO an opportunity to make representations in accordance with the prescribed procedure.

(3) To avoid doubt, a cessation order may be made in addition to any financial penalty or sentence imposed on the CMO.

(4) When a CMO is under a cessation order—
 * (a) every class licence ceases to apply to it, unless the order otherwise specifies; but
 * (b) to avoid doubt, it is still subject to regulatory directions.

(5) IPOS may, by written notice, revoke a cessation order at any time.

Reconsideration of decisions

466.—(1) This section applies where IPOS—
 * (a) imposes a financial penalty on a person;
 * (b) makes a cessation order against a person; or
 * (c) gives a regulatory direction to a person.

(2) The person may apply to IPOS, within the prescribed time and in the prescribed manner, for IPOS to reconsider its decision.

(3) In an application for reconsideration—
 * (a) IPOS must, within the prescribed time, confirm, vary or set aside its decision; and
 * (b) unless IPOS otherwise orders, a financial penalty must be paid, and a cessation order or regulatory direction complied with, pending reconsideration by IPOS.