Cap. 590 Art. 17Where the competent authority shall refuse to grant a licence.

The competent authority shall refuse to grant a licence under this Act in any of the following instances:

(a) if the application is not submitted in accordance with the established form or in accordance with applicable procedure; or

(b) if the applicable fees have not been paid; or

(c) if the competent authority, in its reasonable discretion, is not satisfied that the applicant and all relevant persons mentioned in article 15(8) are fit and proper; or

(d) if it transpires that any information or submission made to the competent authority is materially false, misleading, inaccurate or incomplete; or

(e) if the competent authority, in its reasonable discretion, is not satisfied that -

(i) the applicant has sound and prudent management, robust administration arrangements and adequate internal control or security mechanisms:

Provided that such arrangements, procedures and mechanisms shall be comprehensive and proportionate to the nature, scale and complexity of the VFA services to be provided by the applicant; or

(ii) where there are close links between the applicant and another person or persons, such links will not through any law, regulation, administrative provision or in any other manner prevent it from exercising effective supervision of that applicant under the provisions of this Act or any rule:

Provided that the competent authority may from time to time, by means of rules issued under this Act define the circumstances in which "close links" are to be regarded as existing between any two or more persons; or

(iii) the applicant will comply with all regulatory requirements applicable to licence holders of the relevant category, including those listed in article 23, and with any additional requirements that the competent authority considers necessary; or

(iv) that the VFA service or services being proposed is compliant with any law, regulations or rules in force; or

(f) if the competent authority, in its reasonable discretion, believes that granting a licence to the applicant may pose a risk to investors, the general public, the reputation of Malta or the promotion of innovation, competition and choice; or

(g) if sufficient information as requested by the competent authority has not been provided.