Regulation 2 (1) A company incorporated in Ghana which desires to be appointed as a trustee by the Authority shall (a) be a registered company with a name including the word "trust" or "trustee"; (b) have at least 3 directors; all of whom shall be individual persons; (c) limit it's business to trust business; (d) submit to the Authority an auditors report in accordance with these Regulations; (e) satisfy the Authority (i) that the controllers of the applicant are persons of good reputation and character and, in particular, have not been convicted by a Court of competent jurisdiction whether in Ghana or elsewhere, of an offence involving fraud or dishonesty; (ii) that the chief executive officer and a majority of the directors including an independent director have the skill, knowledge, experience and qualifications that are, in the opinion of the Authority, necessary for the successful administration of a registered scheme; and (iii) that it is capable of carrying on the business of administering registered schemes. (2) On receipt of an application, the Authority shall enter and inspect the premises intended to be used by the applicant for carrying on the business of administering registered schemes. (3) The Authority may refuse to grant an application if the applicant fails to allow the Authority to enter and inspect the premises intended to be used for the trust business. (4) An approved trustee shall employ a compliance officer with the relevant professional qualifications and experience. (5) The compliance officer shall (a) ensure that the provisions of the Act or Regulations made under the Act are complied with; (b) report to the Chief Executive Officer of the Authority cases of non-compliance with the provisions of the Act or Regulations made under the Act by the approved trustee; and (c) liaise with the Authority on matters which in the opinion of the Authority are necessary to enhance compliance by the approved trustee with the provisions of the Act and Guidelines issued under the Act. (6) An approved trustee who fails to employ a compliance officer shall pay to the Authority an amount equivalent to two hundred and fifty penalty units and for each day that the default subsists shall pay a penalty of fifty penalty units and shall have its licence suspended after thirty days.