48. Grant of an application

(1) The DFSA may grant an application for a Licence or for an extension to a Licence or for a Licence Endorsement if it is 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 DFSA may impose conditions or restrictions on a Licence or in relation to a Licence Endorsement when it is granted or extended under Article 48(1).
(3) Upon deciding to grant a Licence or an extension to a Licence or a Licence Endorsement, the DFSA shall without undue delay inform the relevant applicant in writing of:
(a) such decision;
(b) the date on which the Licence or extension or Licence Endorsement shall be deemed to take effect;
(c) the Financial Service or Financial Services or activity that the applicant is authorised to carry on; and
(d) any conditions and restrictions applicable to the Licence or the newly extended Licence or relating to the Licence Endorsement.
(4) The procedures in Schedule 3 apply to a decision of the DFSA under Article 48(2) to impose conditions or restrictions.
(5) If the DFSA decides to exercise its power under Article 48(2) to impose conditions or restrictions, the applicant may refer the matter to the FMT for review.