APPLICATION AND GRANT OF A LICENCE OF AN ADMINISTRATOR
(1) An application for a licence to act as an administrator shall be in the prescribed form and shall
- state whether the applicant has the adequate professional, technical knowledge, experience or operational ability to perform the functions of an adminstrator; ;
- 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 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.
Refusal of licence of Administrator
- 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- the applicant has ever been an administrator of a retirement benefits scheme whose licence was revoked by the Authority due to any fault either fully or partially of the applicant; or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 48 (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 an Administrator
- 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- was previously involved in the management or administration of a retirement benefits scheme whose licence has been revoked under this Act, due to any fault either fully or partially of the applicant;
- 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 Administrator
(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 Administrator
- the Authority discovers, after the licence has been issued, that the administrator made a false statement in relation to the application;
- an event occurs which renders the administrator ineligible to perform his or her functions as administrator;
- the administrator is declared bankrupt or insolvent, or enters into an arrangement with his or her creditors ;
- the administrator is in breach of any condition of the licence;
- the administrator is disqualified by virtue of section 50;
- the administrator ceases to be a fit and proper person as prescribed in Part II of Schedule 3; or
- the administrator does not comply with any provision of this Act, or regulations made under this Act.
(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;
- within thirty days after issuing the notice, the administrator has not opposed the revocation, or
- the Authority is not satisfied by the representation made by the administrator under subsection (3).