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Article (10) Control of Controllers

  1. A Person must not become a Controller of an Open Finance Provider without obtaining prior authorisation from the Central Bank.

  2. The Central Bank may grant authorisation under Article 10(1) of this Regulation if it considers that:

    2.1having regard to the likely influence of the Controller, the Open Finance Provider will remain compliant with the requirements of this Regulation and any other relevant Regulations, including Regulations issued in accordance with this Regulation and any relevant law; and
    2.2the Controller meets the fit and proper and suitability requirements specified by the Central Bank.

  3. The approval under Article 10(2) of this Regulation may be granted subject to any conditions that the Central Bank may impose on the Person, including, but not limited to:

    3.1conditions restricting the Person’s disposal or further acquisition of shares and/or voting powers in the Open Finance Provider; and
    3.2conditions restricting the Person’s exercise of voting power in the Open Finance Provider.