Licensing of an Exchange shall be in accordance with the following: 1. An application shall be submitted for an Exchange license in accordance with the application form specified by the Authority for that purpose. The application shall have attached to it all the documents and information specified in these Bylaws, and together with the fees specified by the Authority. 2. Following receipt of an Exchange license application that fulfils the requirement in clause (1) of this Article, the Authority may request additional information or documents as it considers necessary to determine the application. 3. If the applicant fails to submit documents and information within the notification period that is specified by the Authority, the application shall be deemed to have been withdrawn. 4. The Authority shall determine an Exchange license application after it receives the application accompanied by all information and documents specified in clauses (1) and (2) of this Article. To obtain an Exchange license, the applicant shall fulfil all the requirements and obligations stipulated in this Module and any other requirements set by the Authority. 5. The Authority shall inform the applicant of its determination regarding its application to obtain an Exchange’s license. The Authority may reject granting the license for public interest reasons. In the event of a rejection of an application, the determination shall be justified.