14 CFR §119.39

1. (a)An applicant may be issued an Air Carrier Certificate or Operating Certificate if, after investigation, the Administrator finds that the applicant—
   1. (1)Meets the applicable requirements of this part;
   2. (2)Holds the economic authority applicable to the kinds of operations to be conducted, issued by the Department of Transportation, if required; and
   3. (3)Is properly and adequately equipped in accordance with the requirements of this chapter and is able to conduct a safe operation under appropriate provisions of part 121 or part 135 of this chapter and operations specifications issued under this part.
2. (b)An application for a certificate may be denied if the Administrator finds that—
   1. (1)The applicant is not properly or adequately equipped or is not able to conduct safe operations under this subchapter;
   2. (2)The applicant previously held an Air Carrier Certificate or Operating Certificate which was revoked;
   3. (3)The applicant intends to or fills a key management position listed in § 119.65(a) or § 119.69(a), as applicable, with an individual who exercised control over or who held the same or a similar position with a certificate holder whose certificate was revoked, or is in the process of being revoked, and that individual materially contributed to the circumstances causing revocation or causing the revocation process;
   4. (4)An individual who will have control over or have a substantial ownership interest in the applicant had the same or similar control or interest in a certificate holder whose certificate was revoked, or is in the process of being revoked, and that individual materially contributed to the circumstances causing revocation or causing the revocation process; or
   5. (5)In the case of an applicant for an Operating Certificate for intrastate common carriage, that for financial reasons the applicant is not able to conduct a safe operation.