(1) The Minister must not grant a CMS licence to an applicant unless the
Minister is satisfied that the applicant is a suitable person to be concerned
in or associated with the management and operation of a CMS.
(2) Without
limiting the matters that may be considered by the Minister in determining
whether an applicant is a suitable person to be concerned in or associated
with the management and operation of a CMS, the Minister is to consider
whether--
(a) the applicant is of good repute, having regard to character,
honesty and integrity, and
(b) the applicant has a sound and stable financial
background, and
(c) in the case of an applicant who is not a natural person,
the applicant has arranged a satisfactory ownership, trust or corporate
structure, and
(d) the applicant has, or is able to obtain the services of
persons who have, sufficient commercial and technical experience to manage and
operate a CMS, and
(e) the applicant, or any close associate of
the applicant, has any business association with a person, body or association
that, in the opinion of the Minister, is not of good repute having regard to
character, honesty and integrity or has undesirable or unsatisfactory
financial sources, and
(f) each director, partner, executive officer,
secretary or other executive officer associated or connected with the
ownership, administration or management of the business of the applicant that
is to be carried on under the authority of the CMS licence is a suitable
person in his or her capacity as such.
