In assessing the adequacy and appropriateness of an applicant's resources, systems and controls, the Regulator will consider the risks posed by the applicant taking into account the nature, size and complexity of the proposed activities. For instance, a Start-up entity1 without relevant track record may seek authorisation to conduct Dealing Activities, subject to certain restrictions and other conditions to limit the scale and impact of its activities.

1 A "Start-up" entity is:

(a) any newly set up business entity which is not part of a Group subject to financial services regulation; or
(b) any existing business entity which, or whose Group is not subject to financial services regulation.