111Grant or refusal of supervisor certificate

111 Grant or refusal of supervisor certificate

111 Grant or refusal of supervisor certificate

(1) The Regulatory Authority may grant or refuse to grant a supervisor certificate on an application under section 106.

Note.

A supervisor certificate is granted subject to conditions in accordance with section 115.

(2) Subject to subsection (3), the Regulatory Authority must make a decision on the application within 60 days after the Regulatory Authority received the application.

Note.

If further information is requested under section 110(3), the period between the making of the request and the provision of the information is not included in the 60 day period.

(3) The period referred to in subsection (3) may be extended by up to 30 days with the agreement of the applicant.

(4) The Regulatory Authority is taken to have refused to grant a supervisor certificate if the Regulatory Authority has not made a decision under subsection (1)—

(a) within the relevant time required under subsection (3); or

(b) within the period extended under subsection (4)—

as the case requires.