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47. Rejection of an Application

(1) The DFSA may refuse to grant an application for a Licence or for an extension to a Licence or for a Licence Endorsement if it is not satisfied that the requirements under Article 45 for the grant of the Licence, extension to the Licence or the Licence Endorsement have been met.
(2) The procedures in Schedule 3 apply to a decision of the DFSA under Article 47(1).
(3) If the DFSA decides to exercise its power under Article 47(1), the applicant may refer the matter to the FMT for review.