(1) If the scheme complies with regulations made under section 109, the Commission may, on an application being made in the prescribed form and manner and after being furnished with all such information as it may require and the prescribed fee, authorise a collective investment scheme for the purposes of this Act.
(2) An authorisation under subsection (1) may be granted subject to such terms and conditions as the Commission considers to be necessary for the protection of investors.
(3) The Commission shall inform the applicant of its decision on the application not later than 90 days after the date on which the application was received or, if within that period the Commission has required the applicant to furnish further information in connection with the application, from the date on which that information is furnished.