The provision by a payment service provider of a payment service not covered by its authorisation (change or extension of activity) is subject to prior authorisation by COBAC. The institution may only provide the new service only from the date of issue of the prior authorisation by COBAC.
The use of a new technical solution for a payment service the provision of which is authorized to be provided by a payment service provider is subject to prior notification of the COBAC. The institution may only use the technical solution from the date of issue of the COBAC’s no-objection notice.
The application for authorization or prior information is sent in duplicate by the applicant institution to the Chairman of COBAC against a receipt.
The composition of the file requesting prior authorization or information is laid down by COBAC regulations.
From the date of receipt of the complete file, COBAC has a period of three months to reach a decision and notify the institution of its decision or opinion. The absence of a decision or opinion at the end of this period is equivalent to prior authorization or a no-objection opinion.
If the application for authorization or prior information is incomplete, COBAC informs the applicant in writing and invites him to provide the missing information or documents. In this case, the time limit for processing the application is suspended until the missing information or documents are received.
As part of the investigation process, COBAC is authorized to request from the requesting institution for any information deemed useful for examining the case.
COBAC may only issue prior authorization or a no-objection notice if it is satisfied that;
– The applicant institution presents sufficient guarantees of compliance with the operating conditions set out in these regulations,
– The provision of the payment service or the use of the technical solution does not jeopardize the continued existence of the institution.
COBAC shall ensure that there is consistency between the payment service for which the authorization referred to in article 29 paragraph I of the regulations is sought, the proposed strategy, the program of activities that the applicant plans to implement and the resources envisaged, in particular the adequacy of the own funds proposed in order to determine the institution’s ability to comply with prudential standards at the start of business and thereafter.
Where the consistency referred to in the previous paragraph is not established, COBAC may require, within a time limit that it shall set, that the resources envisaged by the applicant be reinforced.
Failing application of the measures provided for in the preceding paragraph, COBAC shall issue an unfavourable opinion.
For the application of Article 32 of the Regulation, the Banking Commission shall refer the matter to the Central Bank so that it may give its opinion on the suitability of the technical solution proposed for the provision of the payment service, in particular with regard to the following points;
- Technical and functional standards;
- Security and efficiency of information systems;
- Quality of transmissions and network access;
Interoperability of the technical solution, where applicable.
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