Refusal to grant certificate requires intermediaries to cease operations, transfer client assets and comply with protective conditions. Refusal to grant certificate or expiry of certificate requires an intermediary to cease acting, transfer activities to a certified intermediary, enable clients or investors to withdraw or transfer securities or funds without additional cost, make provision for liabilities incurred or assumed, and take other actions required by the regulations or directed by the Board; the Board may impose conditions for investor or market protection which the intermediary must comply with.