S.L. 441.7 Art. 47ALicensingofcredit reference agency.

(1) Without prejudice to regulation 9 and to any other license or authorization needed under any other law, an application for a trading license in order to carry out the business of a credit reference agency shall be made in duplicate to the Trade Licensing Unit on the appropriate form which shall include the following inter alia information:

(a) the applicant’s legal status;

(b) the address of the applicant’s head office and the principal place of business if applicable;

(c) the names of the persons who effectively direct the business and the operations of the credit reference agency.

(2) The application shall be accompanied by a non-refundable fee of five hundred euro (€500) and the following documents submitted in duplicate:

(a) a declaration of business activities disclosing the programme of operations, setting out in particular the type of activities undertaken by the applicant;

(b) a copy of the Memorandum and Articles of Association in case the applicant is a company or a copy of the Statute in case the applicant is a legal organisation other than a company clearly specifying the operation of a credit reference agency as one of the main objectives;

(c) a description of the structure of the organisation, governance arrangements, and the operational policies covering the critical operations including, where applicable, a description of the intended use of branches;

(d) a document disclosing that the credit reference agency has an active legal entity identifier;

(e) a document describing the technological infrastructure and capacity in place including the type of scoring methodology used for the issuance of credit scoring;

(f) a statement in writing confirming that central credit register data will be used for the issuance of credit scores;

(g) a document disclosing the statutory auditors or audit firms responsible to carry out the audit of the credit reference agency;

(h) if the credit reference agency is a company, a copy of the business model and a copy of the audit financial statements or consolidated financial statements of the last three

(3) years, if applicable;

(i) if the credit reference agency is a legal organisation other than a company, a copy of the business model and a copy of the management accounts; and

(j) a copy of the financial statements showing that the credit reference agency has capital and reserves of not less than one hundred thousand euro (€100,000).

(3) The Trade Licensing Unit shall within five (5) working days from the date of receipt of two (2) copies of the application form and the accompanying documents in duplicate submit a copy of each to the Bank for assessment and opinion.

(4) Without prejudice to sub-regulation (1) of regulation 47A the Trade Licensing Unit of its own accord or at the recommendation of the Bank may require the applicant to submit further documentation and information for the issuance of a license.

(5) The Trade Licensing Unit in consultation with the Bank shall assess and determine the application.

(6) In the case of an application made in terms of this regulation an application can only be submitted by a company or a legal organization:

st Provided that as from 1 January 2022, an application for a trading licence in order to carry out the business of a credit reference agency can only be submitted by a company:

Provided further that a licence to carry out the business of a credit reference agency issued by the Trading Licensing Unit to a st legal organisation other than a company before 1 January 2022 shall be withdrawn where such a legal organisation does not register itself as a company in accordance with the Companies Act or equivalent legislation of another member state of the European Economic Area by 30th June 2022 and inform the Trading Licences Unit in writing of the aforementioned change submitting proof thereof.