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Article (16) Assessment of Controllers and Senior Management

2/2024 Effective from 21/8/2024

1.

A Person shall not become a Controller or member of Senior Management of a Licensed Payment Token Service Provider without obtaining prior approval from the Central Bank.

2.

The Central Bank shall grant an approval under Article (16)1 if it considers that the proposed Controller or member of Senior Management meets all fit and proper requirements specified by the Central Bank.

3.

The Central Bank may attach conditions to its approval under Article (16)1 of a Controller, including but not limited to:

a)

conditions restricting or preventing the Person’s disposal or further acquisition of shares or voting powers in the Licensed Payment Token Service Provider; and

b)

conditions restricting or preventing the Person’s exercise of voting power in the Licensed Payment Token Service Provider.