1. Deciding on licensing application or extension thereof shall be within a period not exceeding sixty (60) working days from date of meeting all conditions and requirements for licensing. The expiry of the period without a response shall constitute an implicit rejection of the request.. 2. The Central Bank may require the applicant to fulfill licensing requirements and conditions within such period as specified by the Central Bank. 3. The Central Bank may reject an application for a license or an application to add any Licensed Financial Activity based on the capacity of the financial sector in the State and the needs of the local market. Such decision issued in this regard shall be final and not subject to appeal before the Grievances and Appeals Committee. 4. The applicant shall be notified, officially, of the decision within a period not exceeding twenty (20) working days from date such decision is issued.
Interpretation and application must be checked against the official text and current version.