Issuing Notices of Decisions Following Refusal of an Application

Summary

This is a CIMA internal regulatory procedure setting out how the Authority issues a written Notice of Decision when it refuses an application for a licence, registration, approval, waiver or similar regulatory consent. It describes the required content of such notices, when reasons may be withheld, the grounds on which refusal notices will typically be issued, and how an applicant may bring a fresh application after refusal.

• Scope: Applies to refusals of applications for licences, registrations, waivers, approvals, no-objections, or approvals of controllers, directors, senior officers, AMLCOs, MLROs, DMLROs, actuaries, auditors, ownership/control changes, business plans, outsourcing, and AML/CFT/CPF/TFS systems under the MAA, AMLRs or other Regulatory Acts.
• Exclusions: Does not apply to mutual funds, private funds, or registered directors, whose refusals may be handled through standard automated or template responses rather than a formal Notice of Decision.
• Notice content: A Notice of Decision must be in writing, state the decision, give reasons (unless disclosure is restricted), specify the effective date, note that further-information requests will be considered subject to restrictions, and may include conditions or directions.
• Non disclosure grounds: Reasons or supporting information may be withheld where disclosure would breach privilege, court orders, confidentiality, national security, data protection, ongoing investigations, or other listed sensitivities.
• Refusal grounds: Lists circumstances warranting refusal, including failure to meet capital, fit and proper, governance, AML/CFT, financial soundness, outsourcing, or business name requirements, or where credible adverse information or group structure concerns exist.
• Finality and withdrawal: An applicant may withdraw before a Notice of Decision is issued; once issued, the application is deemed determined and cannot be withdrawn, and the notice is final subject to any statutory right of reconsideration, appeal or judicial review.
• Reapplication: A refused applicant may submit a fresh application once it can demonstrate the circumstances giving rise to refusal have been materially remediated; the fresh application is assessed independently with no presumption of approval.

The procedure is effective upon gazettement, and a draft Notice of Decision template is attached as Appendix 1 for CIMA's internal use.

Key obligations

• CIMA will issue a written Notice of Decision following refusal of an in-scope application, stating the decision, reasons (where disclosable), effective date, and any conditions
• CIMA will send the Notice of Decision to the applicant and, where applicable, to the licensee/registrant, authorised representative, registered office, agent or legal counsel
• An applicant must withdraw an application before a Notice of Decision is issued, as withdrawal is not possible once the notice has been issued
• An applicant seeking to reapply after refusal must demonstrate that the circumstances giving rise to the original refusal have been materially addressed, remediated, or no longer exist

Applies to

licensees, registrants, applicants for licences, registrations, waivers or approvals, directors, shareholders, managers, senior officers, controllers, beneficial owners, trustees, Anti-Money Laundering Compliance Officers (AMLCOs), Money Laundering Reporting Officers (MLROs) and Deputy MLROs, actuaries and auditors (where approval required)

Deadlines

• upon gazettement: The Procedure becomes effective upon gazettement