1) The Central Bank may:

1. a. Establish, develop, and/or operate one or more clearing or settlement systems for transfer of funds, and settlement of securities issued by the Central Bank or the Public Sector and other obligations between Participant Persons in such systems, and may conduct such on its own or in partnership with any other party, or by outsourcing to third parties.
2. b. Link the systems referred to in paragraph (a) of this item, to similar systems inside and outside the State.
3. c. Establish and/or operate central securities depository for securities issued by the Central Bank or the Public Sector and data repository systems for monetary and financial transactions in the State, and link such systems to similar systems inside and outside the State.

2) The Central Bank shall coordinate with concerned other regulatory authorities and bodies in the State, in relation to the establishment of data repository systems for monetary and financial transactions referred to in paragraph (c) of item (1) of this article.

3) The Board of Directors shall issue the regulations related to the systems referred to in item (1) of this article, the rules of participation in these systems, and the rules to execute related operations.

1) Any juridical person may, in accordance with the regulations issued by the Board of Directors, submit to the Central Bank an application for licensing a Financial Infrastructure System, or extension of the scope of a previously issued license.

2) The Board of Directors shall issue the rules, regulations, standards and conditions relating to licensing a Financial Infrastructure System, including:

1. a. Fit and proper criteria;
2. b. The resources required for the system
3. c. Control and monitoring systems

3) The Board of Directors may, at its own discretion and as it deems appropriate to safeguarding public interest, add any requirements or conditions to be fulfilled by the applicant.

1) Deciding on licensing of Financial Infrastructure System or extension of its scope shall be within a period not exceeding sixty (60) working days from date of meeting all licensing conditions and requirements. Expiry of this period without decision on the application shall be considered an implicit rejection thereof.

2) The Central Bank may require the applicant to fulfill licensing requirements and conditions within such period as specified by the Central Bank.

3) The Central Bank may reject an application for licensing of a Financial Infrastructure System or extension of its scope, at its own discretion and based on the capacity of the financial sector in the State, and the needs of the local market. The Central Bank’s decision in this regard shall be final and not subject to appeal before the Appeals and Grievances Committee.

4) The applicant shall be notified, officially, of the reasoned rejection decision within a period not exceeding twenty (20) working days from date of its issue.

The Central Bank shall solely:

1) Have the authority to issue regulations, rules, and procedures relating to electronic banking operations, digital money, Stored Value Facilities, and shall regulate Retail Payment Systems and related electronic banking and financial services.

2) Take all measures and procedures it deems appropriate to reduce risks to the State’s financial and economic systems associated with operations and systems referred to in item (1) of this article.