APPLICATION AND GRANT OF LICENCE OF A FUND MANAGER
(1) An application for a licence as a fund manager of a retirement benefits scheme shall be in the prescribed form and shall;
- state whether the applicant has the adequate professional, technical and operational ability to perform the functions of a fund manager;
- contain or be accompanied by any other information that the Authority may require for the purpose of determining the application;
- contain the address of a place in Uganda for the service on the applicant of any notice or document required or authorised to be served on the applicant under this Act; and
- be accompanied by the prescribed fee.
(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.
Refusal of licence of Fund Managers
(1) The Authority may refuse to grant a licence to an applicant if the Authority is satisfied that;
- the information contained in the application is false in any material particular;
- the applicant is not a fit and proper person as prescribed in Part II of Schedule 3;
- the applicant has ever been a fund manager of a retirement benefits scheme whose licence was revoked by the Authority due to any fault either fully or partially of the applicant; or
- the applicant does not meet the requirements specified in section 55 (1).
(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.
Restrictions on licence of Fund Managers
A person shall not be licensed as a fund manager of a retirement benefits scheme if he or she
- has been sentenced to imprisonment by a court of competent jurisdiction for six months or more;
- is declared bankrupt or insolvent, or has entered into an arrangement with his or her creditors;
- was previously involved in the management or administration of a retirement benefits scheme whose licence has been revoked under this Act due to his or her fault either fully or partially;
- is disqualified under any other written law, or his or her holding office as such is determined by the Authority as being, in any way, detrimental to the retirement benefits scheme; or
- is not a fit and proper person as prescribed in Part II of Schedule 3.
Validity of licence of Fund Managers
(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.
Revocation of licence of Fund Managers
(1) The Authority may revoke the licence of a fund manager if;
- the Authority discovers, after the licence has been issued, that the fund manager made a false statement in relation to the application;
- any event occurs which renders the fund manager ineligible to perform his or her functions as a trustee;
- the fund manager is declared bankrupt or insolvent, or enters into an arrangement with his or her creditors;
- the fund manager is in breach of any condition of the licence;
- the fund manager is disqualified by virtue of section 57;
- the fund manager ceases to be a fit and proper person as prescribed in Part II of Schedule 3; or
- the fund manager does not comply with any provision of this Act, or any regulations made under this Act.
(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;
- within thirty days after issuing the notice, the fund manager has not opposed the revocation; or
- the Authority is not satisfied by the representation made by the fund manager under subsection (3).