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Article (14) Notification and Reporting Requirements

  1.  An Open Finance Provider must be open and cooperative with the Central Bank and notify the Central Bank of all matters that the Central Bank might reasonably require notice of, including to support the performance of the Central Bank’s supervisory functions.
  2. An Open Finance Provider must comply with all regulatory reporting requirements, including ongoing requirements specified by the Central Bank from time to time.
  3. Where any material change affects the accuracy and completeness of information provided in an Application, the Applicant or Open Finance Provider, as the case may be, must immediately notify the Central Bank of such change and provide all necessary information and documents.
  4. An Open Finance Provider must immediately notify the Central Bank of any violation or potential violation of a material requirement under this Regulation or other applicable legal or regulatory requirement.

  5. An Open Finance Provider must immediately notify the Central Bank if it becomes aware that any of the following events have occurred or are likely to occur:

    5.1if a Data Holder or Service Owner unjustifiably refuses access to an Account or Product and/or information relating to them;
    5.2any event that prevents access to or disrupts the operational or security status of the Open Finance Provider;
    5.3any legal action taken against the Open Finance Provider or any member of its Senior Management or director of the Board either in the State or outside the State;
    5.4the commencement against the Open Finance Provider or any member of its Senior Management or director of the Board of any insolvency, winding up, liquidation or equivalent proceedings, or the appointment of any receiver, administrator or provisional liquidator in any jurisdiction;
    5.5any disciplinary measure or sanction taken against the Open Finance Provider or any member of its Senior Management or director of the Board or any measure or sanction imposed on any of them by a body other than the Central Bank, whether in the State or outside the State;
    5.6any material change in regulatory requirements to which the Open Finance Provider is subject beyond those of the Central Bank, whether in the State or outside the State; or
    5.7any other event specified by the Central Bank.