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.