S.L. 370.28 Art. 9Conditions of authorisation. S.L. 373.01

The competent authority shall not grant authorisation in terms of these regulations unless the applicant:

(a) is of sufficient good repute and sufficiently experienced as to ensure proper respect of the conduct rules provided for in the Investment Services Rules issued by the competent authority for this purpose;

(b) has in place the necessary processes and checks to manage conflicts of interest and serve the best interests of its clients;

(c) complies with the requirements of the Prevention of

Money Laundering and Funding of Terrorism Regulations, and any regulations and guidance notes issued thereunder; and

(d) complies with any other measures deemed necessary, having regard to the nature of the bidding services being offered and the level of sophistication of the clients in terms of its investor or trading profile as well as any risk-based assessment of the likelihood of money laundering, terrorist financing or criminal activity.