45. Application for a Licence or for Extension to a Licence
Past version: effective up to 20/08/2014
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(1) An application for a Licence authorising an Authorised Firm or an Authorised Market Institution to carry on one or more Financial Services may be made to the DFSA by any:
(a) body corporate;
(b) partnership; or
(c) unincorporated association.
(2) An Authorised Firm or Authorised Market Institution may apply to the DFSA to extend its Licence to Financial Services other than those in respect of which it already has a Licence.
(3) The DFSA may make Rules providing that certain persons or types of person may not be granted a Licence in relation to particular Financial Services.
(4) The DFSA shall make Rules containing a set of requirements which an application for a Licence, or for extension of a Licence to other Financial Services, must meet before such application can be accepted and a Licence or extension be granted by the DFSA. Such Rules shall include requirements relating to the fitness and propriety of applicants.
(5) The DFSA may make Rules providing for such requirements referred to in Article 45(4) to be varied in cases where an application is made by a person which is, at the time of application, regulated in a jurisdiction other than the DIFC.
(6) The DFSA may make Rules:
(a) prescribing the requirements an applicant applying for a Licence must meet before authorisation can be granted by the DFSA. Such Rules may include requirements relating to the legal form an applicant must adopt;
(b) prescribing certain persons or categories of person to be exempted from the requirements referred to in Article 45(4); and
(c) providing for any such exemptions to be:
(i) limited to certain Financial Services or specified circumstances; or
(ii) subject to certain conditions and restrictions.
(a) If an Authorised Firm or Authorised Market Institution is:
(i) a partnership; or
(ii) an unincorporated association;
it does not need to reapply for a Licence by reason only of a change to its membership.
(b) Article 45(7)(a) applies subject to the effect of Article 64.