Article 43 - Grant of approval or variation

(1) The Regulatory Authority may:
(A) grant or vary an approval under Article 41 either without conditions restrictions or requirements or with such conditions restrictions or requirements as it considers appropriate; or
(B) reject the Application.
(2) The Regulatory Authority may make Rules setting out the criteria which the Person in respect of whom the Application for approval under Article 41 is made must satisfy. Such criteria shall include requirements relating to:
(A) suitability requirements to be met by an individual seeking approval as an Approved Individual, including the criteria used to assess fitness and propriety; and
(B) requirements as to qualifications and competence of Approved Individuals.
(3) Where the Regulatory Authority:
(A) grants an Application for approval or variation of an approval under Article 41, the Regulatory Authority must notify the Authorised Firm accordingly; or
(B) rejects an Application for approval or variation of an approval, the Regulatory Authority shall promptly inform the Authorised Firm in writing of such refusal and, where requested by the Authorised Firm, the reasons for such refusal and of the applicant's right to appeal that decision to the Appeals Body.
(4) Where the Regulatory Authority grants an Application for approval or variation of an approval it must also notify the Authorised Firm of the Controlled Functions which that person can carry out (and any conditions, restrictions or requirements applicable to the approval) in a format which the Regulatory Authority considers appropriate and where an Application for withdrawal is granted, the Regulatory Authority must notify the Authorised Firm accordingly.