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13. Variation or cancellation on initiative of Registrar

(1) The Registrar may exercise its power under this section in relation to a licensed person if it appears to the Registrar that —
(a) that person is failing, or is likely to fail, to satisfy the conditions of licence applicable to him;
(b) that person has failed, during a period of at least 12 months, to carry on a controlled activity to which the licence relates; or
(c) it is desirable to exercise the power in the interests of the Abu Dhabi Global Market.
(2) The Registrar's power under this section is the power —
(a) to vary the licence by —
(i) adding a controlled activity to those to which the licence relates;
(ii) removing a controlled activity from those to which the licence relates; or
(iii) varying the description of a controlled activity to which the licence relates; or
(b) to cancel the licence.
(3) If, as a result of a variation of a licence under this section, there are no longer any controlled activities for which the licensed person concerned has a licence, the Registrar must, once it is satisfied that it is no longer necessary to keep the licence in force, cancel it.
(4) The power of the Registrar to vary a licence under this section extends to including in the licence as varied any provision that could be included if a fresh licence were being granted in response to an application under section 9.
(5) The power of the Registrar under this section is referred to in these Regulations as its own-initiative variation power.