STEP ONE

Section 51 of the SIA provides that every application for registration as a securities company shall -

1. Be made to the Council in the prescribed form. See Form 1 of the First Schedule of the Securities Industry (Registration of Market Participants) Regulations 2002.
2. Clearly indicate the class or classes of business to be undertaken by the company
3. Be accompanied by such fees as prescribed. See the Second Schedule of the Securities Industry (Registration of Market Participants) Regulations 2002.

STEP TWO

1. Every application for the registration of a securities company shall have the basic qualifications as set out in Section 47(3) and as amended Section 47A. See Fit and Proper Assessment
2. Every application for the registration of a securities company shall have a minimum paid up capital as prescribed by the Council. See Form 3 of the First Schedule of the Securities Industry (Registration of Market Participants) Regulations 2002.
3. Every application must provide proof of an indemnity insurance policy as required under Section 55 of the SIA;
4. Every applicant who registers as a securities company shall also make an application for such registration in accordance with Regulations 4 and 8 of the Securities Industry (Registration of Market Participants) Regulations 2002 which provides for an application for the registration as a securities company to be accompanied by the prescribed fee. See Second Schedule of the Securities Industry (Registration of Market Participants) Regulations 2002.
5. The Council may register a representative who makes an application for such registration in accordance with Regulations 7 and 8. An Application for Registration as a Representative shall be made in Form 3 of the First Schedule of the Securities Industry (Registration of Market Participants) Regulations and accompanied by the prescribed fee specified in the Second Schedule.

STEP THREE

Accompanying Documents for Registration as a Securities Company:

1. a copy of its articles of incorporation and by-laws.
2. copies certified by a director of the reporting issuer to be true copies of its last balance sheet and last profit and loss account.
3. a copy of the auditors’ report on the financial statements.