397Procedural requirements

1. The FMA must, before making a decision under section 396,—

2. have regard to the prescribed matters; and
3. have regard to whether the applicant, or 1 or more of the applicant's directors or senior managers, is a licensed provider (within the meaning of section 4 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008); and
4. have regard to whether the provision of the market service to which the application relates is merely incidental to the provision of another market service that is or will be covered by a licence; and
5. consult all prescribed persons or classes of prescribed persons (if any).

6. The FMA must make a decision under section 396 in the prescribed manner (if any).

7. The FMA must not refuse to issue a licence, or include limits, restrictions, or other conditions under section 403(3)(a) or (4) that are materially more restrictive than those requested in the application, unless—

8. the FMA gives the applicant no less than 10 working days' written notice of the following matters before it exercises the power:
   1. that the FMA may refuse to issue the licence or impose the limits, restrictions, or other conditions; and
   2. the reasons why it may exercise that power; and
9. the FMA gives the applicant or the applicant's representative an opportunity to make written submissions on the matter within that notice period.

10. Repealed