Any major changes occurring throughout the term of a licence application will require a new licence application to be submitted accordingly. Major Changes include:
- Any changes affecting more than 75% equity ownership, control or funding of the prospective applicant;
- Any changes that require a new Business Plan to be submitted, such as major changes to the products to be offered or the respective markets, requiring the submission of revised Financial Projections; and
- Any other changes that would necessitate a new review of the submitted policies and procedures and other documentation.
In order to aid applicants, in cases of major changes, any information submitted to the Authority that would still be valid will not need to be resubmitted again. However, any other updated documents, forms and/or information, together with the application form details will still need to be submitted in full through the Licensee Portal together with the respective application fee.