An applicantion for a licence as a custodian of a retirement benefits scheme shall not be granted
(1) An application for a licence to act as a custodian shall be in the prescribed form and shall;
(2) The Authority shall grant a licence to an applicant which meets the requirements specified in section 34 and subsection 35(1).
(3) The Authority shall publish in the Gazette and a newspaper with wide circulation, a list of all licensed custodians at least once every year.
(4) A financial institution which acts as a custodian 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.
(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 licence issued to a custodian 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 a custodian if;
(2) The Authority shall give the custodian 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 a custodian, consider any representations made in writing by the custodian opposing the revocation.
(4) The Authority shall revoke the licence of a custodian if;
i. within thirty days after issuing the notice, the custodian has not opposed the revocation, or
ii. the Authority is not satisfied by the representation made by the custodian under subsection (3).
(1) A custodian of a retirement benefits scheme shall;
(2) A custodian shall not use the funds or assets in its custody to meet its own financial obligations.
(3) A custodian of a retirement benefits scheme shall not act as a trustee, administrator or fund manager of the same retirement benefits scheme.
(4) The provisions of subsection (3) shall apply to any sub custodian, assignee or related party of the custodian.