The Authority may decline, suspend, revoke, or restrict the activity of any Licensed Person in any Securities Activity, or any Related Party, if it be given evidence of any of the following: 1. He has committed a major fault, given misleading information, or omitted to mention a material fact when applying for a license, or omitted to mention any other information that should be submitted to the Authority. 2. He has failed to meet the standards applied under the Law or any other subsequent system or Bylaws issued accordingly. 3. He has violated any provision, rule, regulation or Bylaws issued under this Law, or under any law related to its activity, or a Securities law, or rule or bylaws of another country. 4. He has been negligent in monitoring one of his affiliates (subordinates) by failing to prevent him from acting in a way which might be a violation of the provisions of this Law or Bylaws.