Cap. 331 Art. 45Power to refuse or grant authorisation.

(1) The Authority may grant or refuse to grant authorisation applied for under this Act.

(2) In granting authorisation the Authority may subject it to such conditions as it may deem appropriate, and having granted authorisation it may, from time to time, vary or revoke any condition so imposed or impose new conditions.

(3) When considering whether to grant or refuse authorisation the Authority shall, in particular, have regard to:

(a) the protection of settlors and beneficiaries; and

(b) the protection of the reputation of Malta taking into account Malta’s international commitments; and

(c) the promotion of competition and choice.

(4) Without prejudice to the provisions of article 43(8), the Authority shall notify any applicant of its decision whether to grant or refuse to grant the authorisation applied for within three months from the receipt of a complete application made in compliance with the applicable provisions of this Act.

(5) Any requirement in this Act that a person be an approved person to carry out certain activities or functions shall be interpreted as a requirement that, in the case of a legal entity, any director or officer of such person, and, in the case of a trust, each one of its trustees, be an approved person to carry out such activities or functions.

(6) The provisions of this article shall also apply, mutatis with respect to registration applied for in accordance with mutandis, article 43B.