(1) The Exchange may cancel the registration of a registered professional or require a sponsor to remove a registered professional from undertaking sponsor activities if:
(a) the sponsor or registered professional requests;
(b) the registered professional is unable to, evinces an intention or has failed in carrying out the duties and obligations of the sponsor or to comply with the criteria for registration; or
(c) in the Exchange's opinion, it is in the interests of the Exchange or markets established or operated by the Exchange.
(2) The Exchange may decide not to act under Rule 217(1) if it has charged, or intends to charge, a registered professional before the Disciplinary Committee.
(3) If the Exchange acts under Rule 217(1), it may disallow the individual from re-applying as a registered professional for a specified period or indefinitely.