11Regulator to refuse or approve application

#### 11 Regulator to refuse or approve application (1) If the Regulator receives an application that is properly made under section 10, the Regulator must: (a) approve the application; or (b) refuse the application. (2) The Regulator may refuse the application if the Regulator is satisfied that the applicant is not a fit and proper person. (2A) For the purposes of subsection (2), in determining whether the applicant is a fit and proper person, the Regulator: (a) must have regard to the matters specified in regulations made for the purposes of this subsection; and (b) may have regard to such other matters (if any) as the Regulator considers relevant. (3) The Regulator must refuse the application if the Regulator is satisfied that the applicant has previously been a registered person.