1) Any Person may, in accordance with the regulations issued by the Board of Directors, submit to the Central Bank an application for a license to carry on one or more Licensed Financial Activities or the addition of one or more Licensed Financial Activities to an already issued license.

2) The Board of Directors shall issue rules, regulations and standards, and determine conditions for granting license to carry on Licensed Financial Activities, including the following:

1. a. Fit and proper criteria.
2. b. Resources required for carrying on the activity.
3. c. Control and monitoring systems.

3) The Board of Directors may add any requirements or conditions to be fulfilled by the applicant for license, at its own discretion and as it deems appropriate for safeguarding public interest.