8. Application for designation

(1) If a Person wishes to have a payment system established in the AIFC declared to be a Designated Payment System, the Person must apply to the AFSA.

(2) The application must be accompanied by:

• (a) a copy of the Payment System Rules of the payment system and any information required by the AFSA; and
• (b) the application fee (if any) determined by the AFSA.

9. Consideration of application for designation

(1) The AFSA must consider any application made in accordance with section 8. AFSA may ask the Person for further information.

(2) In considering the application, the AFSA must have regard to:

1. (a) the object of these Regulations under section 7(1) (Object of these Regulations etc.); and
2. (b) the need for the AFSA to Exercise its Functions under these Regulations in accordance with section 7(2).

(3) In considering the application, the AFSA may have regard to any or all of the following matters:

1. (a) the purpose and scope of the payment system;
2. (b) the Payment System Rules of the payment system;
3. (c) any AIFC Regulations and AIFC Rules, and any regulatory requirements, relating to the operation of the payment system and the extent to which the payment system complies with them;
4. (d) any other matters that the AFSA considers appropriate.

10. Decision on application for designation

(1) After considering the application, the AFSA may:

• (a) declare the payment system to be a Designated Payment System; or
• (b) refuse to make that declaration.

(2) If the AFSA declares the payment system to be a Designated Payment System, the declaration must specify the following:

• (a) the payment system;
• (b) the documents that evidence the Payment System Rules;
• (c) the name or title of a Person to whom notices relating to the payment system must be given (the Designated Contact); and
• (d) the conditions (if any) to which the designation is subject.