Skip to main content
Entire section Custom print Text Only Rich Text Print

3.2 Approval Process and Timelines

N 35/2018 STA
  1. 3.2.1The Central Bank reserves the right, within sixty (60) days of receiving a license application, to:
    1. a)require the applicant to provide additional documents/information that the Central Bank deems necessary to evaluate the application; or
    2. b)reject incomplete applications.
  2. 3.2.2The applicant may withdraw its application at any time during the process by notifying the Central Bank in writing;
  3. 3.2.3After the review of a license application, the Central Bank may advise the applicant in writing whether:
    1. a)the license has been granted unconditionally; or
    2. b)the license has been granted subject to conditions; or
    3. c)the application has been rejected.
  4. 3.2.4The Central Bank will notify the applicant of the outcome of the license application within a period not exceeding twenty (20) working days from date of issuing such decision by the Board of Directors of the Central Bank. Such notice shall include the following:
    1. a)content of the decision;
    2. b)reasons for the decision, if any; and
    3. c)requirement of additional documents or information, if any.
  5. 3.2.5A license certificate is issued to the applicant once the Central Bank decides to grant the license stating the effective start date of the license. The name of the Licensed Person is then added into the “Central Bank Register of Exchange Houses”; and
  6. 3.2.6The Licensed Person must obtain prior approval of the Central Bank if it intends to add any permitted activity or to discontinue the current permitted activities (Refer to Paragraph 1.2 of Chapter 1 for the list of permitted activities) by submitting an application at least sixty (60) days before the date of such change.