Section 50B, The Other Financial Services (Amendment) Act, 2007.

(1) An application for a licence or for the renewal of alicence shall be made to the Central Bank in the prescribed form and shall be accompanied by the prescribed fee which shall not be refundable and, in the case of an application for renewal of a licence, shall be made not later than three months before the expiry of the licence. (2) The Central Bank may require an applicant to supply it with such further information as it considers necessary in relation to the application. (3) The Central Bank shall not refuse to grant or renew a licence without first giving the applicant or the holder of the licence an opportunity of being heard. 50C (1) A licence to act as a dealer, broker, fund manager, custodian, rating agency, operator of a depositary, clearing and settlement facility or underwriter shall only be granted to a body corporate. (2) A licence to act as a representative shall only be granted to an individual. (3) A licence to act as a dealer, broker, fund manager, custodian, rating agency, operator of a depositary, clearing and settlement facility or underwriter shall only be granted if the holder of the licence meets and continues to meet the minimum financial requirements determined by the Central Bank either generally or specifically, or as are provided in the rules of a stock exchange. (4) Subject to subsection (3) of section 50B and regulations made under this Act, where an application is made for the grant or renewal of licence under this Part, the Central Bank shall refuse the application, if in the case of an applicant who is a natural person- (a) subsection (1) applies; (b) the applicant has been adjudged bankrupt anywhere; (c) the applicant has been convicted, either within Sierra Leone or elsewhere, of an offence involving fraud or dishonesty punishable on conviction by imprisonment for a term of three months or more or has been convicted of an offence under the Anti- Money Laundering Act 2004; (d) the Central Bank – (i) is not satisfied as to the educational qualifications or experience of the applicant having regard to the nature of the duties of a holder of the relevant licence; (ii) has reason to believe that the applicant is not of good reputation or character; or Applications for licence renewal. Restrictions on grant of licences. 14 15 No. 4 Other Financial Services (Amendement) Act 2007No. 4 Other Financial Services (Amendement) Act 2007 (iii) has reason to believe that the applicant will not perform the duties of a holder of the relevant licence efficiently, honestly and fairly. (5) Subject to subsection (3) of section 50B and regulations made under this Act, where an application is made for the grant or renewal of a licence by a body corporate under this Part, the Central Bank shall refuse the application if – (a) the body corporate is in the course of being wound up under the Companies Act; (b) the body corporate is one in respect of which a receiver or a manager has been appointed under the Companies Act; (c) the body corporate has, whether within or outside Sierra Leone, entered into a compromise or scheme of arrangement with its creditors, which is still in operation; (d) the Central Bank – (i) is not satisfied as to the educational qualifications or experience of the officers of the applicant who are to perform duties in connection with the licence; or (ii) has reason to believe that the applicant will not perform the duties of a holder of the licence efficiently, honestly and fairly.