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Article (7) Scope of License

C 3/2023 Effective from 29/9/2023
7.1The Licensee must commence licensed activities, specified in its License according to Article 10 of this Regulation, within a maximum of 12 months from the date of notification of approval of License.
 
7.2The License shall be granted for an initial period of three years and shall be renewable for same periods unless otherwise required by the Central Bank. A Finance Company must apply to the Central Bank for License renewal no later than two months before the expiry date of the existing License.
 
7.3The License shall contain the terms deemed appropriate by the Central Bank.
 
7.4The Central Bank may take any action deemed appropriate to ensure the sound functioning of the Finance Companies.