(1) A person shall not perform core administration functions for the trustees of a scheme or trust RAC unless that person is registered with the Board as a registered administrator in accordance with this section.
(2) A person may apply to the Board for registration as a registered administrator by lodging with the Board an application for registration in the prescribed form.
(a) cause the name of an applicant to be placed on the Register if it is satisfied that the applicant -
(i) is not disqualified under section 64F, and
(ii) meets such other requirements as are prescribed,
and
(b) refuse to register the applicant if it is not so satisfied.
(4) The Board shall notify the applicant in writing of its decision and of the reasons for its decision.