Section 70: An application for a licence.

(1) An application for a licence shall be made to the Commission in the form and manner prescribed and be accompanied by the prescribed fee and such information or documents as may be prescribed or as the Commission may require.
(2) Within thirty days after applying for a licence under subsection (1) of this section, the applicant shall, at his own expense, cause a notice of the application to be published in a newspaper circulating in the area in which he intends to operate as a licensee, and in a separate, national circulation, newspaper in accordance with such directions as may be given by the Commission, stating the period, prescribed by the Commission, within which objections or representation in connection with the application may be made to the Commission, and the Commission shall not issue any licence until all objections or representations received by the Commission have been considered and determined.
(3) An applicant for a licence who owns, or a licensee who acquires, more than ten per cent or such other percentage as the Commission may specify, of the shares in a body corporate which has applied for or holds another licence issued by the Commission shall disclose such interest to the Commission.
(4) Subject to subsection (5) of this section, if on consideration of an application that satisfies the requirements of subsection (1) of this section, the Commission is also satisfied that:
(a) the applicant is likely to comply with such provisions of this Act, including, without limitation, all codes of conduct, standards, regulations and license terms and conditions, as apply to the service or system it intends to provide or operate; and
(b) the grant of the licence is in the public interest; the Commission shall issue the appropriate licence, as the case may be, to the applicant.
(5) If on consideration of an application that satisfies the requirements of subsection (1) of this section, the Commission is not satisfied as to the additional matters referred to in subsection (4), it shall refuse to issue a licence to the applicant, but before refusing to issue the licence on the ground that it is not satisfied as to the matters referred to in subsection (4) of this section, the Commission shall notify the applicant in writing that it proposes to refuse the application and of its reasons for doing so, and shall afford the applicant an adequate opportunity to make representations in the matter.
(6) The period between the Commission's receipt of an application under subsection (1) of this section and all documents and information submitted in support of it, and the date on which it notifies the applicant of the adequacy of the documents and information, shall not exceed one month.
(7) The period between the Commission's receipt of an application that satisfies the requirements of subsection (1) of this section, and the date on which the Commission notifies the applicant of its decision or proposed decision in accordance with subsection (4) or subsection (5), as the case may be, shall not exceed six months.
(8) Notwithstanding subsections (1) to (7) of this section, the Commission may establish simplified procedures for undertakings and businesses that are limited in size and scope so as to expedite the application and licensing process.