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    <title>Procedure where approval is not granted</title>
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    <description>Where an application under regulation 15 seeks grant of approval for an asset management company, the central regulatory authority may reject the application if the applicant does not meet the eligibility criteria specified in regulation 16, making failure to satisfy those requirements a basis for refusal of approval.</description>
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      <description>Where an application under regulation 15 seeks grant of approval for an asset management company, the central regulatory authority may reject the application if the applicant does not meet the eligibility criteria specified in regulation 16, making failure to satisfy those requirements a basis for refusal of approval.</description>
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