S.L. 345.30 Art. 5Refusalorgranting of registration.

(1) The competent authority shall not grant registration applied for under the Act, as provided in article 12C of the said Act, unless it is satisfied that the applicant:

(a) is deemed to be a fit and proper person to provide the services of a sponsor;

(b) shall comply with, and observe the applicable requirements of the Act, these regulations, and any Rules made thereunder.

(2) When considering whether to grant or refuse to grant registration in accordance with article 12C of the Act, the competent authority shall, in particular, take into account:

(a) the protection of investors and the general public;

(b) the protection of the reputation of Malta in light of the international commitments of Malta;

(c) the promotion of competition and choice.

(3) The above sub-regulations (1) and (2) are without prejudice to the power of the competent authority in article 12C of the Act to:

(a) subject the application to such conditions as it may deem appropriate;

(b) vary or revoke any condition so imposed or otherwise;

(c) impose new conditions on a granted registration, from time to time.