Certificate of commencement of business requires compliance with depository governance and information security criteria before issuance. Granting a certificate of commencement of business requires the Board to verify that the depository meets governance and financial criteria, including a prescribed net worth and Board approved bye laws, and has robust protections for data processing systems, secure continuous electronic networks, standard transmission and encryption formats, controlled access to facilities and data, off site backup arrangements, a detailed operations manual, indemnity arrangements for beneficial owners, and that issuance is in investors' interest; the Board must perform a physical verification of infrastructure and systems before grant.