STEP ONE
Section 48 of the SIA provides that every application for registration as a securities intermediary shall -
- Be made to the Council in the prescribed form. See Form 2 of First Schedule of the Securities Industry (Registration of Market Participants) Regulations 2002.
- Be accompanied by such fees as prescribed. See Second Schedule of the Securities Industry (Registration of Market Participants) Regulations.
STEP TWO
- Every application for the registration of a securities intermediary shall have the basic qualifications as set out in Section 47(3) and as amended Section 47A. See Fit and Proper Assessment
- Every application for the registration of a securities intermediary shall have a minimum paid up capital as prescribed by the Council.
- Every application must provide proof of an indemnity insurance policy as required under Section 55 of the SIA;
- Every application for the registration of a securities intermediary as a trade in securities shall be signed jointly by the applicant and by a broker of a securities company under whose direction and supervision it is proposed that the applicant operate as a trader. See Form 3 of the First Schedule of the Securities Industry (Registration of Market Participants) Regulations 2002.