Financial Markets Act (Cap. 345), article 25

25. (1) In determining an applicat ion the competent authority shall have regard to such information and other factors as it m ay consider relevant or mat erial to the application. (2) The competent authority may, upon receipt of an application duly made in accordance with this Part, in terms of the CSDR , grant or refuse to grant a n authorisation. Where the competent authority issues an authorisation, the central securi ties FINANCIAL MARKETS [CAP. 345. 39 depository shall be responsible for ensuring that the provision s of the CSDR as well as the provisions of the Act, regulations made thereunder and Financial Market Rules issued by the competent authority, which are applicable to central securities depositor ies are complied with. (3) An authorisation shall state the date on which it shall take effect. (4) Where the competent authority refuses an application for an authorisation it shall give the applicant a notice to that effe ct stating the reasons for the refusal. (5) (Deleted by Act XXXI. 2017.28.) (6) An authorisation may, in accordance with such regulations as may be prescribed, be varie d, suspended or revoked by the competent authority. (7) An authorisation issued to a central securities depository under this article shall identify the financial instruments, designated or otherwise, which the central securities depositor y would be authorised to provide services to and shall further id entify the functions it is authorised to carry out. Functions of a central securities depository. Amended by: XVII. 2002.110,