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Licensing is a critical component in the regulatory framework and serves a key function in the supervision value chain. It facilitates and provides an entry point for applicants before they are allowed to conduct business as a financial institution. It is therefore essential that licensing systems are not only efficient but also robust.

It is important to note that the principle of proportionality will apply, to ensure that there is no “one-size-fits-all” licensing approach. Instead, the approach and requirements will be proportionate to the risks underlying the businesses activities of different entities.