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Amendment of section 14 of Principal Act.
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9.— Section 14 of the Principal Act is amended—
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(a) by inserting the following after subsection (1):
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“(1A) The Authority may register an applicant as a designated commercial mortgage credit institution only if it is satisfied that the applicant—
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(a) is or will be able to carry out, in a proper manner, the responsibilities that a designated commercial mortgage credit institution is required by this Act to carry out, and
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(b) complies with, or will be able to comply with, such requirements (if any) relating to designated commercial mortgage credit institutions as are prescribed by the regulations and by the regulatory notices.”,
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(b) by inserting the following after subsection (4):
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“(4A) On granting an application for registration as a designated commercial mortgage credit institution, the Authority shall—
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(a) record the appropriate particulars of the applicant in the register of designated commercial mortgage credit institutions, and
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(b) issue the applicant with a certificate of registration as a designated commercial mortgage credit institution,
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and, if the Authority has imposed conditions on the applicant under subsection (3), shall specify those conditions in the certificate or in one or more documents that accompany the certificate.”,
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and
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(c) in subsection (6), by inserting “, designated commercial mortgage credit institution” after “mortgage credit institution”.
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