(1) If an entity applies for a licence, the commissioner must, within the decision-making period—
(a) issue the licence; or
(b) refuse to issue the licence.
Note A licence may be issued with a condition (see s 20).
(2) The licence may authorise the entity to carry on business in—
(a) more than 1 trader category; and
(b) more than 1 trader class.
(3) The commissioner may issue the licence to the entity only if the commissioner is satisfied—
(a) about the identity of each relevant person for the entity; and
(b) that the entity—
(i) is eligible to hold the licence; and
(ii) is a suitable entity to hold the licence.