Grant of a licence to operate a system

(1) The Central Bank may grant a licence to operate a system if the Central Bank is satisfied that the applicant– (a) is a corporate body; 24 (b) has the prescribed paid up capital and capital adequacy requirement; (c) has suitable and sufficient technical and organisational skills to operate a system including the proper mechanisms to achieve internal control and risk management as related to the operation of the system; (d) is a fit and proper person and every officer is a fit and proper person; (e) has an access criteria that is safe and non- discriminatory; (f) guarantees liquidity of the settlement of orders accepted by the system and this is protected from credit risk; (g) has satisfactory means of protection from technical breakdowns within the system; (h) has sufficiently indicated that the grant of a licence is consistent with the objectives of protecting financial stability and is in the interest of the public; and (i) satisfies any other condition the Central Bank considers necessary. (2) Where the Central Bank after considering– (a) the type of system to be provided; (b) the volume and value of payments likely to be processed in the system; and (c) any other relevant factor, 25 prescribes a paid up capital or capital adequacy requirement for the purpose of sub-section 1(b), the Central Bank shall specify in the conditions of the licence the required paid up capital or capital adequacy to be maintained by the licensee as a condition of the licence.