2.2 Consideration and assessment of applications

(1) An applicant will only be authorised to carry on the Regulated Activity of Operating a Representative Office and to hold a Licence if:

(a) the AFSA is satisfied that the applicant is fit and proper to hold a Licence; and

(b) the applicant is regulated by a Financial Services Regulator in a jurisdiction other than the AIFC.

(2) In making an assessment under REP 2.2(1)(a), the AFSA may consider:

(a) whether the applicant is subject to supervision by a Financial Services Regulator;

(b) the applicant's conduct with the Financial Services Regulator mentioned in REP

2.2(2)(a), including whether the applicant’s Financial Services Regulator in its home state has been made aware of the proposed application and has expressed itself as having no objection to the licensing of the applicant by the AFSA;

(c) whether the applicant is fit and proper to the AFSA's satisfaction;

(d) whether the applicant's proposed or actual Principal Representative is fit and proper to the AFSA's satisfaction;

(e) any matter which may harm or may have harmed the integrity or the reputation of the AFSA or AIFC;

(f) the activities of the applicant and the associated risks, and accumulation of risks, that those activities pose to the AFSA’s objectives described under the Framework Regulations;

(g) the cumulative effect of any factors which give the AFSA reasonable cause to doubt whether the applicant is fit and proper notwithstanding the fact that when such factors are considered individually they do not give rise to a reasonable cause to doubt whether the applicant is fit and proper; and

(h) any other matters the AFSA may deem relevant.