license or approval that provides all information required pursuant

to regulation and is made in good faith by an applicant that meets

required criteria should be refused review and action by the

relevant regulator.  Action on all applications received should be

taken within a reasonable period.  Licenses should enter into force

immediately upon being granted, in accordance with the terms and

conditions specified therein.

5.

Where an examination is required for the licensing of an

individual, regulators should schedule such examinations at

reasonably frequent intervals.  Examinations should be open to all

eligible applicants, including foreign and foreign qualified

applicants.

6.

Fees charged in connection with licenses and the introduction of

new securities products and services should be fair and reasonable

and not act to prohibit or otherwise unreasonably limit licensing

requests or the introduction of new product and services.

B. 

Licensing of entities and their employees

1.

An applicant s competence and ability to supply the service should

be the criteria used for licensing entities and employees.  The

terms and conditions for granting licenses should be made explicit,

including education, experience, examinations and ethics.

Procedures and criteria should not unfairly distinguish between

domestic and foreign applicants.  In addition, there should be no

quantitative limits on the number of licenses to be granted to a

particular class of market participants who are otherwise qualified.

3.

When imposing licensing requirements, regulators should

endeavor to give consideration to comparable testing or other

procedures confirming the qualifications of an applicant that

already have been completed in another jurisdiction.  The ability

of qualified and experienced market professionals to provide

services in a foreign jurisdiction may be promoted where testing or

other procedures used in the professional's home jurisdiction may

satisfy all or part of the foreign jurisdication's licensing

requirements.

C.

Denials of licenses and product and service approvals

1.

When denying an application for a license or a required securities

product or service approval, regulators should, upon request,

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