Section 6: Application for licence

(1) A person who intends to operate credit reference bureau business shall apply to the central bank in the form specified in Schedule 2 to these Regulations. (2) The application referred to in subregulation (1) shall be accompanied by- (a) a description of the premises and the security measures adopted or to be adopted when the person commences operations; (b) information sheet in respect of each of the substantial shareholders if corporate, subsidiaries or affiliates, as the case may be, in the form specified in Schedule 3 to these Regulations; (c) sworn declaration of each of the current and proposed directors, managers and substantial shareholders if natural persons, in the form specified in Schedule 4 to these Regulations; (d) Any information necessary to assess whether the proposed managers, directors and substantial shareholders are fit and proper persons in accordance with the criteria specified in Schedule 5 to these Regulations; (e) information necessary for assessing the trustworthiness of the applicant including a credit report; (f) information necessary for assessing the expertise and qualifications of the current and proposed senior managers of the credit reference bureau; (g) management processes, including- (i) characteristics of products and services to be provided to users; (ii) service provision policies and procedure manuals; (iii) existing and proposed security and control measures aimed at preventing the use of credit information for a purpose other than that for which the credit information is intended; and (iv) an overview of operations including the description of systems and the design of the data collection and security; (h) the proposed fee and cost structure of products and services; and (i) experience in handling credit reference bureau business. (3) An application for a licence shall be accompanied by the following supporting documents- (a) a certified copy of the certificate of incorporation of the applicant; (b) a certified copy of the memorandum and articles of association of the applicant, (c) a feasibility study by the applicant company, showing the nature of the planned business, organisational structure and internal monitoring procedures of the company and covering the following aspects- (i) mission statement and goals; (ii) market analysis; (iii) ownership and governance; (iv) management; (v) financial analysis; (vi) balance sheets or projected balance sheets; (vii) description and projected investments; (viii) at least three years' projection of financial statements; (ix) profitability analysis; (x) business plan; and (xi) business continuity, recovery plan and procedures; (d) sworn statements of current and proposed directors, managers and shareholders, specifying their respective assets and liabilities, income and expenditure in the form specified in Schedule 3 to these Regulations; and (e) submission of an illustration of the proposed product. (4) The central bank may require the applicant for a licence to furnish additional information in the form, manner and time as may be specified by the central bank. (5) A credit reference bureau shall within six months of being granted a licence submit to the central bank operational manuals referred to in subregulation (6) for clearance. (6) The operational manuals shall cover the following areas- (a) an overview of the intended business; (b) software configuration management; (c) data loading procedures; (d) data security and privacy policies; (e) dispute or complaint management and resolution policy and procedures; (f) systems maintenance; (g) query handling; (h) source code quality control; (i) user training manual; and (j) other policies and procedures relevant and necessary for the conduct of credit reference bureau business and for the services the credit reference bureau intends to provide. (7) Notwithstanding subregulation (5) above, the central bank may require some operational manuals to be submitted at the time of application.