Lapse and Revocation of the Licence

(1) An institution's licence lapses where the institution does not make use of it within one year of its grant, or where it expressly waives it. The licence also lapses where, in the course of a conversion under section 305, section 320 or section 333 of the Conversion Act, an institution constituted as a legal person transfers its legal seat abroad.
(2) BaFin may, apart from under the provisions of the Administrative Procedure Act, revoke the licence where 1. the business to which the licence relates has not been carried on for more than six months, 2. the licence was obtained on the basis of false particulars or unlawfully in some other way, 3. facts become known that would have justified refusal of the licence, or the notification obligations under section 10(5) or section 11(4) are breached, 4. the continuation of the provision of payment services or of the e-money business would endanger the stability of the payment system operated, or confidence in it, or 5. section 27, the Anti-Money Laundering Act, Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (OJ L 150, 9.6.2023, p. 1), or the regulations or enforceable orders issued to implement these provisions, have been breached seriously, repeatedly or systematically.
(3) Section 38 of the Banking Act applies correspondingly. Section 48(4), first sentence, and section 49(2), second sentence, of the Administrative Procedure Act, on the one-year time limit, do not apply.
(4) BaFin must publish the revocation or lapse of the licence in the Federal Gazette and in the register under section 43 or section 44.