(1) An application for a licence as a fund manager of a retirement benefits scheme 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 fund managers, at least once in every year.
(4) A person who acts as a fund manager 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 a fund manager of a retirement benefits scheme if he or she
(1) A licence issued to a fund manager shall be valid for one year and shall be renewed annually 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 fund manager if�
(2) The Authority shall give the fund manager 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 fund manager, consider any representations made in writing by the fund manager opposing the revocation.
(4) The Authority shall revoke the licence of a fund manager if�
(1) A fund manager of a retirement benefits scheme shall
(2) A fund manager of a retirement benefits scheme shall not act as a custodian, trustee or administrator of the same retirement benefits scheme.
(3) The provisions of subsection (2) shall apply to any assignee or related party of the fund manager.