May 14 2006 onwards(1) The QFC Authority may:
(A) grant an Application for a Licence, variation or withdrawal of a Licence either without conditions, restrictions or requirements or with such conditions, restrictions or requirements as it considers appropriate; or
(B) reject the Application.
(2) The powers and discretion of the QFC Authority under Article 21(1) may be exercised having regard to such matters as the QFC Authority considers appropriate, including (without limitation):
(A) the position and circumstances of the QFC and the objectives, strategies and priorities of the QFC Authority;
(B) the position and circumstances of the Applicant, Application, Licence, Permitted Activity, and any implications or potential implications in respect of the State of Qatar, other states, international financial and business centres, or other bodies, institutions and organisations, and Licensed Firms.
(3) The QFC Authority may make Rules setting out the criteria which an Applicant for a Licence, or for variation or withdrawal of a Licence, must satisfy before an Application can be granted by the QFC Authority. Such criteria may include requirements (as appropriate)
relating to:
(A) the fitness and propriety of an Applicant having regard to all the circumstances including his connection with any person, the nature of any Permitted Activity that he carries on or seeks to carry on and the need to ensure that his affairs are conducted soundly and prudently;
(B) the legal form that an Applicant must adopt; and
(C) the resources of the Applicant, whether financial or otherwise.
(4) Where the QFC Authority:
(A) grants an Application for a Licence or variation or withdrawal of a Licence, the QFC Authority must notify the Applicant accordingly; or
(B) rejects an Application for a Licence or variation or withdrawal of a Licence, the QFC Authority shall promptly inform the Applicant in writing of such refusal and, where requested by the Applicant, the reasons for such refusal, and of the Applicant's right to appeal that decision to the Tribunal.
(5) Where the QFC Authority grants an Application for a Licence or variation of an Licence, it must also notify the Applicant of the Permitted Activity or Activities that may be carried out following such grant (and of any restriction, condition or requirement imposed on the Applicant) in a format which the QFC Authority considers appropriate.
(6) The QFC Authority shall not grant an Application for a Licence or variation of a Licence to conduct a Permitted Activity of the kinds specified in Part 1 of Schedule 3 of the QFC Law unless the Applicant has been authorised by the Regulatory Authority to conduct the
activity which is the subject of that Licence or variation as a Regulated Activity.
