CHAPTER 3 – Licensing of Ancillary Service Providers
40. Application for a Licence to carry on Ancillary Services
(1) A Person may apply to the AFSA for a Licence permitting a Centre Participant to carry on one or more Ancillary Services.
(2) An Ancillary Service Provider may apply to the AFSA to extend, vary or withdraw its Licence to carry on Ancillary Services.
(2-1) The applicant for a Licence or its variation or withdrawal 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.
(3) An application under this section must be made in such manner as the AFSA may by Rules require.
40-1. Grant or rejection of application
(1) The AFSA may:
(a) grant an application under section 40, either without conditions, restrictions or requirements or with such conditions, restrictions or requirements as it considers appropriate; or
(b) reject the application.
(2) If the AFSA grants an application under section 40, the AFSA must inform the applicant in writing of:
(a) such decision;
(b) the date on which the Licence will be deemed to take effect;
(c) the Ancillary Service or Ancillary Services that the applicant is authorised to carry on; and
(d) any conditions and restrictions applicable to the Licence.
(3) Where the AFSA rejects an application under section 40, 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) The AFSA may vary the terms of a Licence granted by it, either on the application of the Ancillary Service Provider or on its own initiative.
(5) 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.
41. Criteria for the grant of a Licence to carry on Ancillary Services
(1) The AFSA may only grant a Licence permitting a Centre Participant to carry on one or more Ancillary Services if it is satisfied that the Centre Participant is fit and proper.
(2) The AFSA may prescribe by Rules: