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.
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.
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.
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.
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.
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.
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.
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.