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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) 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 a 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 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. Such decision issued in this regard shall be final and not subject to appeal before the Grievances and Appeals 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.

 

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.