To obtain authorization, an applicant must undergo a formal process, which involves completing required application forms and submitting supporting information.

In relation to timing, in most cases, the regulator will have three to six months from receipt of a completed application to determine whether or not to approve the application.

The particular forms that must be completed for submission to the corresponding regulator will depend on the nature of the regulated activities.

In general terms, regulators request the following information:

• Draft bylaws
• Information of the shareholders
• Information of relevant officers
• Operational plan
• Manual of conduct
• Anti-Money Laundering Manual
• Financial viability study
• In the case of banks, a deposit in guarantee; in the case of FTIs, a minimum capital to be included as equity