Power to grant a licence

(1) The Minister may in his discretion, grant or refuse to grant a licence to any applicant. (2) The Minister shall not grant a licence unless he is satisfied that the applicant, (a) is a fit and proper person to be engaged in the business proposed; or (b) has or has available to him adequate knowledge, expertise, resources and facilities necessary for the nature and scope of the business proposed; and (c) has appointed an auditor satisfying such conditions as may be prescribed by the Minister. (3) Notwithstanding subsections (1) and (2) of this section, the Minister shall refuse to grant a licence if he determines that it is not in the public interest that a licence should be granted. 29 (4) Where the Minister refuses to grant a licence to an applicant, the provisions of section 11 (3) of this Act, shall apply mutatis mutandis. (5) The Minister may by Order prescribe a Code of Practice directing the holder of a licence under this section to comply with the requirements of the Code which may include matters relating to, (a) conduct of business; (b) financial resources; (c) the giving of notice of specified events; (d) advertising; (e) clients’ money and clients’ investments; and (f) accounting records and audit requirements. (6) A Code of Practice prescribed under subsection (5) of this section may provide for such enforcement mechanisms as the Minister may consider necessary to ensure compliance with the provisions of the Code.