Section 18: Granting of applications

18. Granting of applications (1) Subject to this Part and to any applicable relevant Act, the Commission may issue a licence authorising the applicant to carry out the business activity specified in the licence on such terms and conditions as may be specified in FSC Rules or as it deems appropriate in the circumstances. (2) The Commission shall not grant an application unless it is shown to its satisfaction that— (a) the application complies with the provisions of the law; F10 – 13 [Issue 5] Financial Services Act (b) the criteria set out under the applicable relevant Act for the grant of the licence are met; (c) the applicant has adequate resources, infrastructure, staff with the appropriate competence, experience and proficiency to carry out the activity for which the licence is sought; (d) the applicant has adequate arrangements for proper supervision of everything done under the licence so as to ensure compliance with the law and the conditions of its licence; (e) the applicant and each of its controllers and beneficial owners are fit and proper persons to carry out the business for which a licence is sought; (f) the applicant, once licensed, will be able to satisfy criteria or standards, including prudential standards, applicable to its business activity; and (g) no prejudice would be caused or would ensue to the financial services industry or any part thereof, if the licence is granted.