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  • The Open Finance Framework

    • Requirements to be Licensed

      • Article (2) Licensing and Licensing Procedures

        1. No juridical person may engage in providing an Open Finance Service within the State unless it obtains an Open Finance License from the Central Bank or is specified as a Person Deemed Licensed.
        2. An Applicant for an Open Finance License must submit an Application (together with the required supporting documents and information) to the Central Bank in accordance with the procedure specified by the Central Bank’s Licensing Division and according to its licensing guidelines.
        3. An Applicant must submit an Application which includes the options for which it would like to apply in respect of Data Sharing or Service Initiation. If the Licensee later seeks to change the options selected under their license, they must re-apply and obtain approval from the Central Bank.
        4. An Applicant must at the time of submitting its Application satisfy all requirements as to legal form, minimum capital and fit and proper requirements and any other requirements set by the Central Bank.
        5. The Central Bank will issue its decision of approval or dismissal of the Application within a period not exceeding sixty (60) working days from the date of the Applicant meeting all conditions and requirements for licensing. The lapse of this period without decision on the Application shall be considered an implicit rejection thereof.
        6. The granting by the Central Bank of an Open Finance License permits the holder of that license to provide an Open Finance Service (Data Sharing and/or Service Initiation) but no other Licensed Financial Activities or services.
        7. A Technical Service Provider does not require an Open Finance License provided that its services are limited to the provision of support services to Open Finance Providers and/or Persons Deemed Licensed and it does not directly engage in any activities regulated under this Regulation.
        8. In the event of use of a Technical Service Provider by an Open Finance Provider or a Person Deemed Licensed, the responsibility, regulatory requirements, legal basis and liability as a result of operation within the Open Finance Framework cannot be transferred to the Technical Service Provider or any other third party.

      • Article (3) Persons Deemed Licensed

        1. The following are Persons Deemed Licensed:

          1.1.Banks licensed in accordance with the Central Bank Law;
          1.2.Finance Companies licensed in accordance with the Finance Companies Regulation;
          1.3.Persons licensed by the Central Bank to provide Retail Payment Services under the Retail Payment Services and Card Schemes Regulation;
          1.4.Insurance Brokers licensed in accordance with the Insurance Law;
          1.5.Insurance Companies licensed in accordance with the Insurance Law; and
          1.6.Stored value facility providers licensed in accordance with the Stored Value Facilities Regulation.
        2. A Person Deemed Licensed must provide prior written notice to the Central Bank of its intention to provide an Open Finance Service. The notice must be in the form prescribed by the Central Bank from time to time and must provide a description of the Open Finance Service that the Person intends to provide, the resources that will be utilised in the provision of the Open Finance Service and the governance arrangements relating to them. The Central Bank’s approval must be obtained prior to the commencement of the provision of the Open Finance Service. The Central Bank will issue its decision of approval or rejection within a period not exceeding sixty (60) working days from the date of the notice. The lapse of this period without decision on the request shall be considered an implicit rejection thereof.
        3. All articles of this Regulation apply to Persons Deemed Licensed, when their approval to provide the Open Finance Service is granted by the Central Bank.

      • Article (4) Limitations

        1. An Open Finance Provider must not:

          1.1.receive, hold or transfer any funds for or on behalf of a User;
          1.2. provide Advice to a User in relation to a particular Account or Product;
          1.3.provide any personal and specific recommendation to a User in relation to a particular Account or Product;
          1.4.receive any fee, commission, payment or other benefit from the provider of an Account or Product;
          1.5.process any User Data that is Sensitive Data for the provision of any Open Finance Service, even with the explicit consent of the User;
          1.6.negotiate, mediate, effect or enter into any agreement or Transaction on behalf of a User in relation to an Account or Product; or
          1.7.engage in any form of Insurance Intermediation or Insurance Underwriting.
        2. The limitations specified in Article 4(1) of this Regulation, do not prevent an Open Finance Provider from providing Users with information, including information based on analyses, relating to commercially available but nonspecific Accounts and/or Products. This can be communicated by displaying the information on-line or otherwise, but must not involve the provision of Advice.
        3. The limitations specified in Article 4(1) of this Regulation do not apply to an Open Finance Provider who holds any required additional license to perform the relevant activities from the Central Bank.