The registrar may on such conditions as he or she may determine issue or renew an association licence if the registrar is satisfied that—
| (a) | the association is reasonably representative of the interests of the industry; |
| (b) | the association has sufficient financial resources for performing its functions; |
| (c) | the proposed rules of the association comply with the requirements of this Act; |
| (d) | the interests of the public will be served by the issue or renewal of the licence; and |
| (e) | the members of the association carry on the business of a collective investment scheme independently and in competition with one another. |
