S.L. 376.11 Art. 5Grant or refusal of admission.

(1) The competent authority shall determine an application for admission in accordance with these regulations by:

(a) granting an admission without conditions;

(b) granting an admission subject to such conditions as it may deem appropriate; or

(c) refusing to grant an admission:

Provided that after having granted an admission, the competent authority may, from time to time, vary or revoke any condition so imposed or impose new conditions:

Provided further that if the competent authority refuses an application for admission, it shall inform the applicant in writing of the reasons for the refusal.

(2) The competent authority shall not grant admission in terms of these regulations unless it is satisfied that the information required to be submitted in terms of these regulations and any Credit Intermediaries Rules issued thereunder, has been duly submitted in a complete manner.

(3) The competent authority shall not grant admission applied for in terms of these regulations unless it is satisfied that the applicant has complied with the applicable requirements of the Acts, the CCD Regulations, these regulations, any applicable regulations, and any Credit Intermediaries Rules issued thereunder:

Provided that for the purposes of this sub-regulation, all credit intermediaries shall comply with such requirements on a continuing basis.

(4) A credit intermediary admitted in terms of these regulations shall notify the competent authority with particulars of any changes in the information provided to the competent authority in terms of the Acts, the CCD Regulations, and any applicable regulations and any Credit Intermediaries Rules issued thereunder, as soon as such credit intermediary becomes aware of such change.