30. Application for a Licence to carry on Regulated Activities

(1) A Person may apply to the AFSA for a Licence authorising a Centre Participant to carry on one or more Regulated Activities.

(2) An Authorised Firm may apply to the AFSA to extend, vary or withdraw its Licence to carry on Regulated Activities.

(3) The applicant for a Licence, variation of a Licence or withdrawal of a Licence may withdraw its application by giving the AFSA notice at any time before the AFSA issues, varies or withdraws the Licence or rejects the application.

31. Form and content of application for a Licence

(1) An application for a Licence or variation or withdrawal of a Licence must be in such form and contain such information as may be prescribed by the AFSA from time to time.

(2) The AFSA may make Rules providing that certain Centre Participants or types of Centre Participant may not be granted a Licence to carry on particular Regulated Activities.

(3) The AFSA may make Rules providing for such requirements referred to in 31(1) to be varied in cases where an application is made by or on behalf of a Centre Participant which is, at the time of application, regulated in a jurisdiction other than the AIFC.

(4) The AFSA may waive all or any part of its generally adopted requirements as to form and contents either in individual cases or generally, provided it is satisfied in either case that:

• (a) materially similar, up-to-date information is provided in other documentation already issued or completed by the applicant; or
• (b) such information is not necessary in the light of any registration or authorisation of the applicant in another jurisdiction; or
• (c) such information is not considered by the AFSA to be relevant in the context of any particular application.

(5) The AFSA may require the applicant to provide additional information reasonably required for the AFSA to be able to decide the application.

(6) If at any time between the filing of an application and the grant of a Licence or the grant of an extension to a Licence the applicant becomes aware of a material change reasonably likely to be relevant to the application under consideration, it must inform the AFSA in writing of such change without delay.

32. Financial technology

The AFSA may, on the application of a Person or its own initiative and by written notice, waive or modify the requirements of these Regulations or Rules made thereunder where it considers it necessary or desirable to do so in the field of financial technology.

33. Exemption

The AFSA may issue an order or make Rules:

• (a) prescribing certain Centre Participants or categories of Centre Participant to be exempted from

(i) the General Prohibition in respect of Regulated Activities; or

(ii) the requirements referred to in section 34(1); and

• (b) providing for any such exemptions to be:

(i) limited to certain Regulated Activities or specified circumstances; or

(ii) subject to certain conditions and restrictions.

34. Criteria for the grant of a Licence to carry on Regulated Activities

(1) The AFSA may only grant a Licence authorising a Centre Participant to carry on one or more Regulated Activities if it is satisfied that the Centre Participant:

• (a) has adequate and appropriate resources, including financial resources;
• (b) is fit and proper;
• (c) is capable of being effectively supervised; and
• (d) has adequate compliance arrangements, including policies and procedures, that will enable it to comply with all the applicable legal requirements.

(2) The AFSA may make Rules prescribing the matters to which the AFSA will have regard in making the above assessment.

35. Grant or rejection of application

(1) The AFSA may:

• (a) grant an application for a Licence, variation or withdrawal of a Licence either without conditions, restrictions or requirements or with such conditions, restrictions or requirements as it considers appropriate; or
• (b) reject the application.

(2) Where the AFSA grants an application for a Licence or variation or withdrawal of a Licence, the AFSA must inform the applicant of:

• (a) such decision;
• (b) the date on which the Licence or extension will be deemed to take effect;
• (c) the Regulated Activity or Regulated Activities that the applicant is authorised to carry on; and
• (d) any conditions and restrictions applicable to the Licence or the newly extended Licence.

(3) Where the AFSA rejects an application for a Licence or variation or withdrawal of a Licence, the AFSA must promptly inform the applicant in writing of such rejection and, where requested by the applicant, the reasons for such rejection, and of the applicant’s right to appeal that decision to the AIFC Court.

(4) If an applicant decides to appeal the AFSA’s decision to the AIFC Court, the time for instituting an appeal commences from the date when the rejection was given to an applicant.