Clause 38

by deleting the word “its” in subsection (1) and substituting the word “his”;

by inserting, immediately after subsection (1), the following subsection:“(1A) The Authority may require an applicant to supply the Authority with such information or documents as it considers necessary in relation to the application.”;

by deleting subsection (2) and substituting the following subsections:“(2) An application under subsection (1) shall —

be accompanied by a non-refundable prescribed application fee which shall be paid in the manner specified by the Authority; and

if made in respect of a representative’s licence, be supported in the prescribed manner by such person, who is —

the holder of a capital markets services licence for that regulated activity; or

the holder of a capital markets services licence which has applied under subsection (1) to add to its licence that regulated activity,as may be specified by the Authority.(2A) An application under subsection (1), if made in respect of a representative’s licence, shall be deemed to be withdrawn with effect from the date on which the holder of a capital markets services licence which supported the application —

withdraws its support in writing;

withdraws its application to add to its licence that regulated activity; or

has its application to add to its licence that regulated activity refused by the Authority.”;

by deleting paragraph (b) of subsection (3) and substituting the following paragraph:“(b)refuse the application on any of the grounds set out in section 86(4), 87(3) or 87A(10).”; and

by inserting, immediately after subsection (3), the following subsection:“(4) The Authority shall not refuse an application under subsection (1) without giving the applicant an opportunity to be heard.”.