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�
(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.