Section 7

prescribe the manner in which applications for approval as an approved person may be made, or provide for the circumstances in which the Minister may appoint an approved person without such applications being made;

provide for the refund of any payment made to an approved person under the Scheme (including the circumstances for refund and the manner of refund);

require the approved person to execute a security bond as a precondition for such approval;

specify any other terms and conditions subject to which the approval of the Minister is granted;

empower the Minister to suspend or revoke the approval granted to an approved person and prescribe the circumstances in which such power is to be exercised; and

empower a Director to require an approved person to appoint an auditor to conduct an audit of the approved person’s compliance with this Act, its regulations or any terms and conditions of approval applicable to that person, and to make provision for other matters with respect to such audit.