CSD-1.2.16
The CBB may license a
(a) The CBB is satisfied that the establishment of a central depository to be operated by a person will;
(i) Contribute towards developing the financial sector and enhance confidence therein; and
(ii) Protect the interests of investors; and
(b) The CBB is satisfied that the person , having applied to be a licensed central depository under this Module, is able/will be able to comply with the obligations or requirements imposed on the central depository.
(c) The CBB shall be satisfied that the rules of the applicant make satisfactory provision:
(i) With respect to the conditions under which securities may be deposited with, held by, withdrawn from, or transferred within, the central depository;
(ii) For the holding of securities deposited with the central depository or its nominee company;
(iii) For the processing of dealings in deposited securities;
(iv) For facilitating the settlement of deposited securities;
(v) For the protection of the interests of depositors and the protection and control of information on deposited securities and dealings therein;
(vi) For the monitoring of compliance with, and for the enforcement of, the rules of the central depository;
(vii)With respect to the maintenance of a policy or policies of insurance, and the establishment and maintenance of compensation funds, for the purpose of settling claims by depositors against the central depository, its nominee companies and depository participants; and
(viii) Adequate regulation and supervision of its depository participants.