Section 5Part 0 —
Application for, and grant of, licence
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Any person desirous of carrying on money services business, shall make an application in writing to the Authority for the grant of a licence.
An application for a licence shall contain such information and particulars and shall be accompanied by such details and things as may be prescribed.
The Authority may grant a licence in the prescribed form, subject to such terms and conditions, at the time of licensing or any time thereafter as the Authority may consider appropriate having regard to the nature, risk and scale of the business.
The application shall be accompanied by the prescribed application fee which shall be forwarded by the Authority to the Financial Secretary for the benefit of the revenue.
A licence shall not be granted in respect of a money services business unless the person applying for the licence has, in the Islands, a place of business approved by the Authority, which will be the principal office, in the Islands, for that money services business.
A licence granted under subsection (3) shall be granted for the carrying on of money services business within the Islands but subject to such conditions as may be prescribed by this Act or imposed by the Authority.
It is a condition of every licence that the licensee —
shall not change its name without the prior approval of the Authority;
shall not cease to have a principal office in the Islands;
shall not change its principal office in the Islands without the prior approval of the Authority; and
shall notify the Authority forthwith of any change in the information supplied in the application for the licence.
Conditions imposed by the Authority under subsection (6) may at any time be varied or revoked by the Authority.
Every holder of a licence shall, on or before every 15th day of January after the first grant of the licence, pay —
the prescribed annual fee for a licence to carry on a money services business; and
the prescribed annual fee for each subsidiary, branch, agency or representative office of that business,
and, except where the Authority waives the surcharge, there shall be payable by a licensee who fails to pay the prescribed annual fees by that date, a surcharge not exceeding one-twelfth of that fee for every month or part of a month that the fee is not paid.
Without prejudice to subsections (1) to (9), if the annual fee referred to in subsection (9) is not paid by the holder of a licence on or before every 15th day of January after the first grant of the licence, the unpaid annual fee may be sued for by the Crown by action as a civil debt and the Crown may require, and the court may order, the payment of any penalties accrued in respect of the late payment of the fee.
The Authority may refuse to grant a licence if the Authority is of the opinion that the person applying for the licence would fail to fulfil the obligations of a licensee under this Act.
In subsection (10) —
“court” means the Grand Court or a court of summary jurisdiction, as the case may be.