(1) An application for a licence to establish a retirement benefits scheme shall be in the prescribed form and shall be accompanied by the prescribed fee.
(2) An application for a licence to establish a retirement benefits scheme shall state;
(3) A person who establishes or operates a retirement benefits scheme without a licence commits an offence and is liable on conviction to a fine not exceeding one thousand five hundred currency points or imprisonment not exceeding twelve years, or both.
(1) The Authority may grant a licence to operate a retirement benefits scheme, if the Authority is satisfied that;
(2) The Authority shall publish in the Gazette and in a newspaper of wide circulation in Uganda, a list of all retirement benefits schemes licensed under this Act at least once in every year.
(3) The Authority may refuse to grant a licence to an applicant, if the Authority is satisfied that;
(4) Where the Authority refuses to grant a licence to an applicant, the Authority shall notify the applicant of its decision and specify the reasons for the refusal in writing.
A licence issued to a retirement benefits scheme shall be valid from the date of issue and shall remain in force until the scheme is wound up in accordance with the scheme rules or the law under which the scheme is established or until the licence is revoked under this Act.
(1) The Authority may revoke the licence of a retirement benefits scheme if;
(2) The Authority shall give the trustee of a retirement benefits scheme at least thirty days notice in writing specifying the reasons for the intended revocation of the licence.
(3) The Authority shall, before revoking a licence of a retirement benefits scheme, consider any representations made in writing by the sponsor opposing the revocation.
(4) The Authority shall revoke the licence of a retirement benefits scheme if;
(5) The revocation of a licence of a retirement benefits scheme shall not in any way prejudice the rights of members and beneficiaries under the retirement benefits scheme.
(6) Where the licence of a retirement benefits scheme is revoked, the Authority may, subject to the approval of the Board in consultation with the Minister, take over the distribution of the assets and the supervision of the retirement benefits scheme or appoint an interim administrator in order to protect the interests of members and beneficiaries of the retirement benefits scheme.