38   Licensee to remain at all times eligible to be granted a licence

It is a condition of each licence that the licensee must at all times remain a person who, if applying for that licence for the first time, would be eligible to be granted that licence by the regulatory authority.

Note. This clause provides that the licensee is in breach of a licence condition if circumstances relating to the licensee change in such a respect that the licensee would not be granted a licence if applying for the first time (for example, if a qualification were revoked or the person ceased to be able to satisfy the regulatory authority that they were a fit and proper person to hold a licence or otherwise of good character). Breach of any condition may lead to suspension or cancellation of the licence under sections 20 and 21 of the Act.