A license to carry on Securities Activities remains valid for a term of three years from the date on which it is granted. A Licensed Person intending to renew its license for another three years shall apply for a license renewal as follows: 1. A license renewal application shall be submitted to the Authority three months prior to the license expiration date in accordance with the form of License Renewal for Securities Activities as set out in Appendix 6 of this Module. An application shall have appended to it. All required documents and information shall be attached to the application including evidence of payment of the fees specified by the Authority. 2. Following receipt of a license renewal application, the Authority may require the licensed person to provide it with such further information or documents as it considers necessary to enable it to determine the application. If the applicant fails to submit the required documents and information within the period of time set by the Authority without an excuse acceptable to the Authority, the application shall be deemed to have been withdrawn. 3. The Authority shall determine a license renewal within two months from the date of receipt of a complete application with all required information and documents. 4. The Authority may reject a license renewal if the Licensed Person does not fulfil the main conditions stipulated in Article (1-7) of this Module. 5. The Authority shall inform the Licensed Person of its determination of the license renewal application. In the event of a rejection, the determination shall be justified.