9.—(1) SIB may, on an application duly made in accordance with regulation 7 and after being furnished with all such information as it may require under that regulation, make an order (an “authorisation order”) in respect of a company under these Regulations if—
(a)it has been furnished with a copy of the proposed company’s instrument of incorporation and a certificate signed by a solicitor to the effect that the instrument of incorporation complies with Schedule 3 and with such of the requirements of SIB regulations as relate to the contents of that instrument of incorporation;
(b)it appears to SIB that the criteria mentioned in regulation 10 will, on the coming into effect of the authorisation order, be satisfied in respect of the company; and
(c)it has received a notification under regulation 13(3) from the registrar.
(2) In determining whether the criterion of fitness and propriety mentioned in regulation 10(5) is satisfied in respect of any proposed director of a company, SIB may take into account any matter relating to—
(a)any person who is or will be employed by or associated with the proposed director, for the purposes of the business of the company;
(b)if the proposed director is a body corporate, to any director, shadow director or controller of the body, to any other body corporate in the same group or to any director, shadow director or controller of any such other body corporate;
(c)if the proposed director is a partnership, to any of the partners; and
(d)if the proposed director is an unincorporated association, to any member of the governing body of the association of any officer or controller of the association.
(3) SIB shall inform the applicant of its decision on the application not later than six months after the date on which the application was received.
(4) An authorisation order shall specify the date on which it is to come into effect.
(5) Schedule 3 (which makes provision with respect to the contents, alteration and binding nature of the instrument of incorporation of an investment company with variable capital) shall have effect.
(6) In paragraph (2)(b), “shadow director”, in relation to a body corporate, means any person in accordance with those directions (not being advice given in a professional capacity) the directors of that body are accustomed to act.