(a) Any person who wishes to provide a Regulated Service must apply for a license from the Central Bank.

(b) An application must contain such particulars and information and accompanied by such documents as specified by the Central Bank.

(c) Subject to the Commercial Companies Law, the Central Bank shall issue regulations specifying the requirements for offering a licence to provide Regulated Services. Such requirements may include the legal form of the applicant, the location of its head office, the minimum capital and reserve requirements and the limits of capital adequacy requirements.

(d) The Central Bank shall verify the application for a license to ensure that it satisfies all the conditions required, and it may ask for amendments or any additional information that it requires to assist with reaching its decision regarding the application. Such request shall be made within thirty days from the date of submission.

(e) The Central Bank shall decide on the application within sixty days from the date of receiving the application complete with all the required information and documents.

(f) The applicant may, at any time before a decision has been made about the application, withdraw his application or make amendments to any errors therein or in the supporting documents in accordance with the Regulations issued by the Central Bank in this respect.