Renewal of licence
20.—(1)  Regulations 7 to 14 shall apply, with the necessary modifications and subject to this regulation, to an application for renewal of an international market agent licence or international market agent representative licence.
(2)  An application for renewal of an international market agent licence or international market agent representative licence must be —
(a)submitted to the Authority not later than 6 months before the date of expiry of the licence; and
(b)accompanied by the relevant renewal fee specified in the Second Schedule.
(3)  If an application to renew an international market agent licence or international market agent representative licence is submitted to the Authority less than 6 months before the date of expiry of the licence, the application must, in addition to the renewal fee, be accompanied by the relevant late application fee specified in the Second Schedule.
(4)  Notwithstanding paragraph (3), if any requirement under this regulation is not complied with, the Authority may refuse to consider any application to renew an international market agent licence or international market agent representative licence.