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Article (8): Control of Controllers

C 15/2021 Effective from 6/6/2021
  1. A Person shall not become a Controller in a Payment Service Provider without obtaining a prior approval from the Central Bank.
     
  2. The Central Bank shall grant an approval under paragraph (1) if it considers that:
     
    1. 2.1. having regard to the likely influence of the Controller, the Payment Service Provider will remain compliant with the requirements of this Regulation and Level 2 Acts; and
       
    2. 2.2. the Controller meets the fit and proper requirements specified by the Central Bank.
       
  3. The approval under paragraph (2) may be granted subject to any conditions that the Central Bank may impose on the Person, including but not limited to:
     
    1. 3.1. conditions restricting the Person’s disposal or further acquisition of shares or voting powers in the Payment Service Provider; and
       
    2. 3.2. conditions restricting the Person’s exercise of voting power in the Payment Service Provider.