(1) An application for a licence to act as an administrator shall be in the prescribed form and shall
(2) The Authority may grant a licence to an applicant who meets the requirements specified in subsection (1).
(3) The Authority shall publish in the Gazette and in a newspaper with wide circulation, a list of all licensed administrators, at least once in every year.
(4) A person who acts as an administrator of a retirement benefits scheme without a licence issued under this Act commits an offence and is liable on conviction to a fine not exceeding one thousand currency points or imprisonment not exceeding six years, or both.
(1) The Authority may refuse to grant a licence to an applicant if the Authority is satisfied that
(2) Where the Authority refuses to grant a licence to an applicant, the Authority shall notify the applicant of its decision and specify the reasons for the refusal in writing.
(1) A person shall not be licensed as an administrator of a retirement benefits scheme if he or she
(1) A licence issued to an administrator shall be valid for one year and may be renewed upon payment of the prescribed fee.
(2) An application for the renewal of a licence under subsection (1) shall be made at least three months before the expiry of the licence.
(1) The Authority may revoke the licence of an administrator if
(2) The Authority shall give the administrator at least thirty days notice in writing specifying the reasons for the intended revocation of the licence.
(3) The Authority shall, before revoking a licence of an administrator, consider any representations made in writing by the administrator opposing the revocation.
(4) The Authority shall revoke the licence of an administrator if�
(1) An administrator of a retirement benefits scheme shall�
(2) An administrator of a retirement benefits scheme shall not act as a custodian, trustee or fund manager of the same retirement benefits scheme.
(3) The provisions of subsection (2) shall apply to any assignee or related party of the administrator.