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Article (69) Deciding on Licensing Application or Extension of License Scope

Fed Law 14/2018 Issued on 1/10/2018
  1. The application for license or expansion of its scope shall be decided on within a period not exceeding sixty (60) working days from the date of satisfying the requirements and conditions of the license. The lapse of such period without reply shall be deemed rejection of the application.
  2. The Central Bank may request the applicant to meet the requirements and conditions of the license within the period it determines.
  3. The Central Bank may reject the application or request the addition of any financial activity at its sole discretion, according to the absorptive capacity of the financial sector of the State and the requirements of the domestic market. The decision issued in this regard shall be final and not appealable before the Grievances and Appeals Committee.
  4. The applicant shall be notified of the substantiated rejection decision by means of an official notice within a period not exceeding twenty (20) days from the date of its issuance.

 

This article has been amended by Decretal Federal Law No. (23) of 2022. You are viewing the latest version. To view the previous version, click the version box below.
Version 1(effective from 31/10/2018 to 02/01/2023)

 

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

2) The Board of Directors may reject an application for a license, or an application to add any financial activity based on the capacity of the financial sector in the State and the needs of the local market.

3) The Board of Directors may, before issuing the rejection decision, request the applicant to fulfill licensing requirements and conditions within such period as specified by the Board of Directors.

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. Such notice shall include the following:

  • a. Content of the rejection decision.
  • b. Reasons for rejection.
  • c. A statement advising the applicant of his right to submit a grievance against the rejection decision, by applying to the Grievances & Appeals Committee, in accordance with the provisions of this decretal law.