Lapse and Revocation of Registration

(1) The registration lapses where the account information service provider does not make use of it within one year of its grant, or where it expressly waives it. The registration also lapses where, in the course of a conversion under section 305, section 320 or section 333 of the Conversion Act, an account information service provider 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 registration where
1. the business to which the registration relates has not been carried on for more than six months;
2. the registration 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 registration under section 35, or the notification obligation under section 34(5) is breached.
(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 registration in the Federal Gazette and in the Payment Institution Register.