[COM 273] Application for securities industry licence273 

273

(1) An application for a securities industry licence or for the renewal of a securities industry licence must be made to the Reserve Bank in the prescribed form or if there is no such form, in the form and manner prescribed by the Reserve Bank, accompanied by a fee for the prescribed amount and in the case of an application for the renewal of a securities industry licence, must be made not less than 2 months prior to the expiry of the securities industry licence.

(2) The Reserve Bank may require an applicant for a securities industry licence to supply such further information as it considers necessary in relation to the application.

(3) An applicant for a securities industry licence must meet, and continue at all times during the term of a securities industry licence issued to it, to meet such minimum financial and other requirements as may be prescribed by the Reserve Bank.

(4) The Reserve Bank may prescribe the minimum financial and other requirements for the holder of a securities industry licence.

(5) The Reserve Bank must not grant a securities industry licence to an applicant if the applicant does not comply with this section.

(6) The Reserve Bank may grant a securities industry licence subject to such conditions or restrictions as it thinks fit and the Reserve Bank may, at any time by written notice to a licence holder, vary any such condition or restriction or impose further conditions or restrictions.

(7) The Reserve Bank must not refuse to grant or renew a securities industry licence without first giving the applicant or holder of a licence an opportunity of being heard.

(8) Subject to subsection (9), a securities industry licence granted under this section must expire one year after the date of issue of the securities industry licence.

(9) A securities industry licence that has been renewed in accordance with the provisions of this section must continue in force for a period of one year next succeeding the date upon which but for its renewal, it would have expired.