(1) The Central Bank shall not grant a licence under this section, unless the Central Bank is satisfied that —
(a) the feasibility report is based on sound analysis under reasonable assumptions;
(b) the proposed officers are fit and proper, that is, that their integrity is established and their qualifications and experience are appropriate for their positions in light of the proposed financial holding company's business plan and activities, taking into account the size, nature and complexity of the proposed financial holding company;
© the proposed significant shareholders are fit and proper and the ownership and managerial structure of the proposed financial holding company will not hinder effective supervision, including supervision on a consolidated basis;
(d) the capital of the applicant is adequate and the original sources of capital are acceptable and do not include borrowed funds;
© the applicant's arrangements for corporate governance, including but not limited to accounting, risk management, and internal control systems and records, are adequate;
(f) the applicant is able and willing to comply with the other conditions that the Central Bank may impose; and
(g) where the applicant is an authorised foreign financial institution or financial holding company —
(i) the foreign financial institution or financial holding company is adequately supervised on a consolidated basis by its home country supervisor, and
(ii) arrangements satisfactory to the Central Bank for cooperation, coordination, and information-sharing with the home country supervisor are in place.
(2) Upon payment of the initial licence fee specified in Schedule 1, a licence granted by the Central Bank under this section is valid until revoked.
(3) A licence granted under this section is not transferable or assignable.