37When a licence may be granted—applicants other than ADIs

37  When a licence may be granted—applicants other than ADIs When ASIC must grant a licence  (1) ASIC must grant a person (other than an ADI) a licence if (and must not grant the person a licence unless):  (a) the person has applied for the licence in accordance with section 36; and  (b) ASIC has no reason to believe that the person is likely to contravene the obligations that will apply under section 47 if the licence is granted; and  (c) the requirement in section 37A (fit and proper person test) is satisfied in relation to the applicant and the licence applied for; and  (e) the person meets any other requirements prescribed by the regulations. Note: ASIC must not grant a licence to a person contrary to a banning order or disqualification order, or if a prescribed State or Territory order is in force against the person or certain representatives of the person (see section 40). False, misleading or incomplete information  (2) ASIC must refuse to grant the licence if ASIC is satisfied that:  (a) the application for the licence, or any information, audit report or statement lodged with ASIC in accordance with subsection (4), was false in a material particular or materially misleading; or  (b) there was an omission of a material matter from the application or the information, audit report or statement. ASIC may request information etc. from applicant  (4) ASIC may give a written notice to a person who has applied for a licence requesting the person to lodge with ASIC, within the time specified in the notice, any of the following:  (a) information specified in the notice in relation to any matters that ASIC may have regard to in deciding whether to grant the licence;  (b) an audit report, prepared by a suitably qualified person specified in the notice, in relation to matters that ASIC may have regard to in deciding whether to grant the licence;  (c) if ASIC proposes to grant the applicant a licence—a statement that either:  (i) informs ASIC of any material changes in any information provided to ASIC in, or in connection with, the application; or  (ii) confirms that there have been no such changes.  (5) To avoid doubt:  (a) a notice under subsection (4), and the information, audit report or statement requested in the notice, may relate to any person mentioned in section 37A in relation to the applicant and the licence applied for; and  (b) subsection (7) applies in relation to such a request even if the applicant is unable to comply with the request.  (6) ASIC may, by written notice to the applicant before the time specified in the notice:  (a) withdraw a request under subsection (4); or  (b) extend the time specified in the notice.  (7) If the applicant does not lodge with ASIC the information, audit report or statement requested by ASIC in a notice under subsection (4) within the specified time, the applicant is taken to have withdrawn the application.  (8) To avoid doubt, section 41 does not apply to an application that is taken to have been withdrawn under subsection (7) of this section.