Article 29 - Grant of Authorisation, variation or withdrawal and rejection of an Application
Regulatory Authority may:
(A) grant an
Application for an Authorisation, variation or withdrawal of an Authorisation either without conditions, restrictions or requirements or with such conditions, restrictions or requirements as it considers appropriate; or
(B) reject the
Regulatory Authority may make Rules setting out the criteria which an Application for an Authorisation, or for variation or withdrawal of an Authorisation, must satisfy before an Application can be granted by the Regulatory Authority. Such criteria shall 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 Regulated 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;
(C) the resources of the
Applicant, whether financial or otherwise;
Applicant's systems and controls;
(E) the location of the
(F) in the case of an
Application for a withdrawal, the interests of the clients or customers of the Authorised Firm, and the effective supervision of the Financial System; and
Regulatory Authority's ability to effectively supervise the Applicant or Authorised Firm.
(3) In considering an
Application for an Authorisation or to vary or withdraw an Authorisation, the Regulatory Authority may have regard to any person appearing to it to be, or likely to be, in a contractual relationship with the Applicant or connected with the Applicant.
Authorisation or variation of an Authorisation may only be granted if the Applicant is at the time the Application is granted or immediately thereafter, a QFC Entity, or otherwise has registered a place of business in the QFC with the CRO and has a Licence issued by or on behalf of the QFCA.
(5) Without limitation to Article 29(2)(G), if the
Applicant has Close Links with another Person, the Regulatory Authority must be satisfied in considering an Application for Authorisation or variation of an Authorisation:
(A) that those links are not likely to prevent the
Regulatory Authority's effective supervision of the Applicant; and
(B) if it appears to the
Regulatory Authority that such other Person is subject to the laws, regulations or administrative provisions of a jurisdiction outside the QFC, that neither those provisions, nor any deficiency in their enforcement, would prevent the Regulatory Authority's effective supervision of the Applicant.
(6) Where the
(A) grants an
Application for Authorisation or variation or withdrawal of an Authorisation, the Regulatory Authority must notify the Applicant accordingly; or
(B) rejects an
Application for Authorisation or variation or withdrawal of an Authorisation, the Regulatory 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 Appeals Body.
(7) Where the
Regulatory Authority grants an Application for Authorisation or variation of an Authorisation, it must also notify the Applicant of the Regulated Activity or Regulated 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 Regulatory Authority considers appropriate.