Authorisation refusal requires deficiency notice, time to rectify, hearing before refusal, and a waiting period for reapplication. Where authorisation cannot be granted because of deficiencies, the Authority must communicate them to the applicant and allow thirty days for ... Summary
International Financial Services Centres Authority (Payment Services) Regulations, 2024
Authorisation refusal requires deficiency notice, time to rectify, hearing before refusal, and a waiting period for reapplication.
Where authorisation cannot be granted because of deficiencies, the Authority must communicate them to the applicant and allow thirty days for rectification. Failure to rectify leads to refusal, subject to a reasonable opportunity of hearing. An applicant may withdraw an application before authorisation is granted. Following refusal or withdrawal, a fresh application may be submitted only after six months from communication of refusal or the date of withdrawal, respectively.
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