Article 21 - Grant of Licence, variation or withdrawal and rejection of an Application

(1) The QFC Authority may:
(A) grant an Application for a Licence, variation or withdrawal of a Licence either without conditions, restrictions or requirements or with such conditions, restrictions or requirements as it considers appropriate; or
(B) reject the Application.
(2) The powers and discretion of the QFC Authority under Article 21(1) may be exercised having regard to such matters as the QFC Authority considers appropriate, including (without limitation):
(A) the position and circumstances of the QFC and the objectives, strategies and priorities of the QFC Authority;
(B) the position and circumstances of the Applicant, Application, Licence, Permitted Activity, and any implications or potential implications in respect of the State of Qatar, other states, international financial and business centres, or other bodies, institutions and organisations, and Licensed Firms.
(3) The QFC Authority may make Rules setting out the criteria which an Applicant for a Licence, or for variation or withdrawal of a Licence, must satisfy before an Application can be granted by the QFC Authority. Such criteria may include requirements (as appropriate) relating to:
(A) the fitness and propriety of an Applicant having regard to all the circumstances including his connection with any person, the nature of any Permitted Activity that he carries on or seeks to carry on and the need to ensure that his affairs are conducted soundly and prudently;
(B) the legal form that an Applicant must adopt; and
(C) the resources of the Applicant, whether financial or otherwise.
(4) Where the QFC Authority:
(A) grants an Application for a Licence or variation or withdrawal of a Licence, the QFC Authority must notify the Applicant accordingly; or
(B) rejects an Application for a Licence or variation or withdrawal of a Licence, the QFC Authority shall promptly inform the Applicant in writing of such refusal and, where requested by the Applicant, the reasons for such refusal, and of the Applicant's right to appeal that decision to the Tribunal.
(5) Where the QFC Authority grants an Application for a Licence or variation of an Licence, it must also notify the Applicant of the Permitted Activity or Activities that may be carried out following such grant (and of any restriction, condition or requirement imposed on the Applicant) in a format which the QFC Authority considers appropriate.
(6)
(A) The QFC Authority may grant an Application for a Licence or variation of a Licence to conduct a Permitted Activity of the kinds specified in Schedule 3 of the QFC Law.
(B) However, the QFC Authority must not grant an Application for a Licence or variation of a Licence to conduct a Permitted Activity under Part 1 of Schedule 3 of the QFC Law, unless:
(i) the Applicant has been authorized by the Regulatory Authority to conduct that activity; or
(ii) the QFC Authority, after consulting the QFC Regulatory Authority, is satisfied that the activity meets and will continue to meet any of the following conditions:
1. the activity is being conducted under an exemption set out in Part 1 of Schedule 3 of the Financial Services Regulations;
2. the activity is not being carried on “by way of business” as that term is defined in Article 25 of the Financial Services Regulations or any rules issued thereunder;
4. the activity has been otherwise excluded or exempted by the QFC Regulatory Authority from the authorisation requirement.