In order to facilitate the adoption of Open Finance and the participation of businesses as licensed Data Sharing Providers and/or Service Initiation Providers, this Regulation establishes a new category of regulatory license for providers of Open Finance Services. Open Finance Providers will be the holders of such a license, which enables them to undertake Data Sharing and/or Service Initiation.

Providers of Open Finance Services can opt for either one or both of the options to undertake Data Sharing or Service Initiation under an Open Finance License.

Without prejudice to other regulatory licenses that they hold, an Open Finance License will not permit license holders to perform any other category of licensed activity and, in particular, will not entitle license holders to provide any form of Advice or to arrange or mediate Transactions in licensed activities, or hold customer funds in any form. Open Finance Providers must separately obtain or hold the additional regulatory licenses required to undertake any other licensed activity or activities.