26Consideration of registration applications

#### 26 Consideration of registration applications (1) The Secretary must examine each application for registration and, as soon as practicable but before the end of the consideration period, determine whether to grant the application. (2) If the Secretary is satisfied: (a) that the applicant is eligible to apply for that registration; and (b) that the applicant has provided the information and documents (if any) required by the approved form; and (c) that the applicant can comply with the relevant document retention obligations set out in section 108; and (d) where the applicant is a natural person—that the applicant is a fit and proper person; and (e) where the applicant is a company—that the company is a fit and proper person; and (f) where the applicant is a company—that each of the directors, and each officer or shareholder who is in a position to influence the management of the company, is a fit and proper person; and (g) that registering the applicant would, as required by section 14A, further the purpose of the Act set out in section 3; the Secretary must grant the application and inform the applicant accordingly. (3) If the Secretary is not satisfied of a matter set out in paragraphs (2)(a) to (g), the Secretary must inform the applicant, in writing, that the application is refused and provide reasons for that refusal. (4) For the purposes of subsection (1), the consideration period is the period starting on the day the application is lodged and ending: (a) unless paragraph (b) applies—60 days after that day; and (b) if the Secretary requires the applicant, under section 27, to provide further information by a specified day and the applicant duly provides the information or explains why the information cannot be provided—at the end of the period of 60 days referred to in paragraph (a) extended by the period taken to comply with the requirement or provide that explanation.