Certificate of commencement of business: Board must verify security, infrastructure, procedures and indemnity before grant.

Regulation 13 requires the Board to consider specified criteria before granting a certificate of commencement of business, including prescribed net worth, Board-approved bye-laws, protection of automatic data processing systems, secure communications networks, transmission and encryption standards, controlled and monitored access to premises and systems, detailed operations manuals, off-site back-up arrangements, indemnity and insurance for beneficial owners, and that the grant serves investor interest; the Board must physically verify the depository's infrastructure and systems before grant.

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