S.L. 441.7 Art. 47CRefusing of an application of a licence to a credit reference agency.

(1) The Trade Licensing Unit shall refuse the application on the recommendation of the Bank if it is not satisfied that:

(a) all qualifying shareholders and all persons who will effectively direct the operation of the credit reference agency are suitable persons to ensure prudent management;

(b) the credit reference agency has a sound and prudent management, and has a robust governance arrangement, including a clear organisational structure;

(c) there is in place an effective procedure to identify, handle and manage operational or security incidents to which the credit reference agency might be exposed to;

(d) there is in place an effective complaints procedure to investigate complaints from consumers arising out, or in connection with, any alleged infringement by the credit reference agency;

(e) there is in place a disposal procedure for the deletion of credit score, Central Credit Register data and credit information established to be inaccurate or ineligible;

(f) there is in place a indemnity insurance against any liability which the credit reference agency may incur for compensation in respect of any loss or damage which any person may suffer as a result of any negligent act, error or omission committed by the applicant in the carrying out of its business in a policy year in which that person is covered; or

(g) other requirements considered necessary in the particular circumstances, were not met.

(2) Without prejudice to sub-regulation (1) and regulation 47A, the Trade Licensing Unit, on the recommendation of the Bank, may refuse to issue the license if it deems fit.

(3) A decision to refuse the issuance of a license shall be accompanied with the reasons for such refusal.

(4) Any applicant who feels aggrieved by a decision of the Trade Licensing Unit may file an appeal to the Licensing Appeals Board in accordance with the Act and Part VI.