Article 38 - Decision of the Regulatory Authority

(1) The Regulatory Authority may:
(A) unconditionally approve the Person having or increasing or proposing to have or increase the control for which a Controller Notice would be required under Article 36;
(B) approve such Person subject to such conditions as the Regulatory Authority thinks fit; or
(C) refuse to give its approval.
(2) The Regulatory Authority shall seek to make its determination within 30 days of receipt of all the required information and shall notify the Authorised Firm in question (or where the Controller Notice has been submitted by another Person, both the Authorised Firm and that other Person) of its determination promptly once the determination has been made.
(3) In reaching its determination, the Regulatory Authority may consult with such parties, including competent authorities outside the QFC, as it considers appropriate.
(4) The Regulatory Authority may only grant unconditional approval if it is satisfied that:
(A) the Person acquiring or increasing the control is a fit and proper Person to have the control in question; and
(B) the conditions in Article 29(5)(A) and (B) (Close Links) have been met; and
(C) granting such approval would be consistent with the Regulatory Objectives.
(5) The Regulatory Authority may, on its own initiative:
(A) cancel or vary a condition imposed under this Article;
(B) withdraw an approval, or impose conditions on it, where it has reason to believe that the criteria set out in Article 38(4) are no longer satisfied.
(6) The rights of the Regulatory Authority set out in Article 38(1) shall apply notwithstanding the fact that a Controller Notice has not been submitted (in contravention of the requirements set out in Article 36), or has not been submitted in accordance with the requirements of Article 36.
(7) Any determination or decision made by the Regulatory Authority pursuant to Article 38(1) or (5) or Article 39(1)(A) may be referred to the Appeals Body by the Authorised Firm to which the proposed or actual acquisition of or change in control relates.