5 Cancellation etc. of individual exemptions.U.K.
(1)If the [F1OFT] has reasonable grounds for believing that there has been a material change of circumstance since [F1it] granted an individual exemption, [F1it] may by notice in writing—
(a)cancel the exemption;
(b)vary or remove any condition or obligation; or
(c)impose one or more additional conditions or obligations.
(2)If the [F1OFT] has a reasonable suspicion that the information on which [F1it] based [F1its] decision to grant an individual exemption was incomplete, false or misleading in a material particular, [F1it] may by notice in writing take any of the steps mentioned in subsection (1).
(3)Breach of a condition has the effect of cancelling the exemption.
(4)Failure to comply with an obligation allows the [F1OFT], by notice in writing, to take any of the steps mentioned in subsection (1).
(5)Any step taken by the [F1OFT] under subsection (1), (2) or (4) has effect from such time as may be specified in the notice.
(6)If an exemption is cancelled under subsection (2) or (4), the date specified in the notice cancelling it may be earlier than the date on which the notice is given.
(7)The [F1OFT] may act under subsection (1), (2) or (4) on [F1its] own initiative or on a complaint made by any person.
Textual Amendments
F1Words in s. 5 substituted (1.4.2003) by Enterprise Act 2002 (c. 40), s. 279, Sch. 25 para. 38(4); S.I. 2003/766, art. 2, Sch. (with art. 3) (as amended (20.7.2007) by S.I. 2007/1846, reg. 3(2), Sch.)