Cap. 529 чл. 5Power of the Authoritytorefuse or grant authorisation or registration.

(1) The Authority may grant or refuse to grant an authorisation or registration applied for under this Act. Such authorisation or registration may be general or may be restricted to particular specified activities. The Authority shall not, without prejudice to article 3, grant an authorisation or registration applied for under this Act unless it is satisfied that:

(a) the applicant is a fit and proper person to provide the services concerned and that the applicant will comply with and observe the requirements of this Act and any rules made thereunder and which are applicable to him;

(b) the applicant is operating in or from Malta;

(c) where the applicant is a legal person:

(i) its objects include providing company services and carrying on activities ancillary or incidental thereto, and do not include objects which are not compatible with the provision of company services;

(ii) its actual activities are compatible with its objects in terms of sub-paragraph (i);

(iii) the directors, administrators or partners, as the case may be, of the legal person are not less than two in number and are individuals who are fit and proper persons;

(iv) every person who directly or indirectly owns or controls 25% or more of the capital or voting rights in the legal person, or otherwise exercises control over the management of the legal person, is a fit and proper person;

(v) the name of the legal person is not inconsistent with its activities as outlined in sub-paragraphs

(i) and (ii); and

(vi) where the legal person is not formed and registered in Malta, it is formed, constituted or incorporated in a reputable jurisdiction. For the purposes of this sub-paragraph, reputable jurisdiction shall have the meaning assigned to it in the Prevention of Money Laundering and Funding of Terrorism Regulations.

(2) When considering whether to grant or refuse to grant authorisation or registration under this Act, the Authority shall, in particular, have regard to:

(a) the protection of investors and the general public;

(b) the protection of the reputation of Malta taking into account Malta’s international commitments;

(c) the promotion of competition and choice.

(2A) As part of the authorisation process, applicants applying for an authorisation shall be classified at the discretion of the Authority into one (1) of the three (3) classes which determine the requirements of authorised persons in terms of the provisions of the Schedule. As part of the said process, when any such applicant is classified by the Authority as a Class A CSP or a Class B CSP in terms of the Schedule, the Authority shall also determine whether such applicant is over-threshold or under-threshold.

(2B) The Authority may issue rules laying down the requirements, conditions and criteria by which a person shall be considered to be an over-threshold or an under-threshold Class A CSP or Class B CSP.

(3) In granting authorisation or registration, the Authority may subject the applicant to such conditions as it may deem appropriate. After having granted authorisation or registration, the Authority may, from time to time, vary or revoke any condition so imposed or otherwise impose new conditions.

(4) When applying for authorisation or registration, the applicant shall submit a complete application in accordance with the applicable provisions of this Act and any regulations made, and rules issued thereunder: Provided that the Authority may at any time request the applicant to provide any additional information it may deem necessary to process the application:

Provided further that, where an applicant fails to provide any additional information which may be requested by the Authority within three (3) months from the request being so made, the Authority shall deem such an application to have been withdrawn by the applicant.

(5) Authorised and registered persons shall be subject to any such supervisory fees as may be prescribed by regulations made under this Act.

(6) A register of all authorised and registered persons shall be established by the Authority. The register shall be publicly available on the Authority’s website and it shall be updated on a regular basis.

(7) An authorised or registered person shall notify the Authority of any change or circumstance which would have a bearing upon its status as an authorised or registered person, as applicable, and, in the case of any change in its charter, statute, memorandum or articles of association or other instrument constituting the legal person, or any change of its directors, administrators or members, as the case may be such changes shall not be effective until they are notified and approved by the Authority.