s 57FE Approval of applications
57FE.—(1) The Authority may approve an application made by any person under section 57FD if —(a) the Authority is satisfied that —(i) the person is a fit and proper person; and (ii) having regard to the likely influence of the person, the licensee will or will continue to conduct its business prudently and comply with the provisions of this Act; and (b) the Authority is satisfied that it is in the public interest to do so.[1/2020] (2) Any approval under this section may be granted to any person subject to any conditions imposed by the Authority, including but not limited to any condition —(a) restricting the person’s disposal or further acquisition of shares or voting power in the licensee; or (b) restricting the person’s exercise of voting power in the licensee.[1/2020] (3) The Authority may at any time add to, vary or revoke any condition imposed under subsection (2).[1/2020] (4) Any condition imposed under subsection (2) has effect despite any of the provisions of the Companies Act 1967 or anything contained in the memorandum or articles of association of the licensee.[1/2020] (5) Where the Authority disapproves an application made by any person under section 57FD(2), the person must, within the time specified by the Authority, take such steps as are necessary to cease to be a 20% controller.[1/2020]