The conditions and procedures for withdrawing the approval of payment service institutions, their managers and statutory auditors are those set out in regulation no. 02/15/CEMAC/UMAC/COBAC of March 27, 2015 modifying and supplementing certain conditions relating to the exercise of the banking profession in the CEMAC and its subsequent texts for financial institutions, subject to the provisions of this regulation.
Revocation of the prior authorization or of the no-objection notice provided for in Title 6 of the present regulations is pronounced by COBAC, either ex officio, or at the request of the Central Bank, or at the request of the payment service provider.
When COBAC takes the initiative to revoke a prior authorization or a no-objection notice, it shall seek the opinion of the Central Bank.
The reason for the revocation and the related files are communicated to the BEAC, which has one month in which to reach a decision. The absence of a decision by the expiry of this time limit is deemed to be a favourable opinion.
When the Central Bank requests the revocation of prior authorization revocation, it refers the matter to the Banking Commission, to which it communicates the reason for the revocation and the relevant file.
Prior authorization or notice of no objection is automatically revoked when:
- The institution has not exercised its right to provide the payment service or to use the technical solution within twelve months of the date of issue of the prior authorization or no-objection notice:
- The establishment no longer meets the conditions on the basis of which the prior authorization or no-objection notice was issued, in particular the technical requirements set out in section 8 of these regulations;
- The institution no longer provides the payment service or has not used the technical solution for at least six months;
- It is established that the information on the basis of which the prior authorization or no-objection notice was issued is false or inaccurate.
The decision to revoke the prior authorization or the notice of no objection is issued by the COBAC within one month of:
- Notification to the COBAC of the Central Bank's opinion, when the revocation of the prior authorization or the notice of no objection is initiated by the COBAC;
- Receipt of the request from the Governor of the BEAC or the institution, when the revocation of the prior authorization or the notice of no objection is requested by them.