SCHEDULES
SCHEDULE 12Entitlement to make an application for a licence to the Board
“Suitable regulatory arrangements”
7
1
“Suitable regulatory arrangements”, in relation to a licensable body and a competent licensing authority, means regulatory arrangements which are suitable in relation to the licensable body, having regard to—
a
the composition of the licensable body, including in particular the matters in sub-paragraph (2);
b
the services the licensable body proposes to provide;
c
if the licensable body proposes to carry on non-reserved activities, any regulation to which the carrying on of such activities is subject;
d
the persons to whom the licensable body proposes to provide services.
2
The matters are—
a
the kinds of authorised persons who are managers of, or have an interest in, the licensable body,
b
the proportion of persons who are managers of, or have an interest in, the licensable body who are authorised persons or authorised persons of a particular kind,
c
the kinds of non-authorised persons who are managers of, or have an interest in, the licensable body,
d
the proportion of persons who are managers of, or have an interest in, the licensable body who are non-authorised persons or non-authorised persons of a particular kind, and
e
the kinds of non-authorised persons who have an indirect interest in the licensable body.
3
In sub-paragraph (2)—
a
“authorised person” means a person who is an authorised person in relation to any activity which is a reserved legal activity, and
b
authorised persons are of different kinds if they are authorised to carry on such activities by different approved regulators.