Refusal of Registration

Registration for the provision of account information services must be refused where 1. contrary to section 34(1), the application does not contain sufficient particulars or documents; 2. the applicant does not have professional liability cover meeting the conditions of section 36; 3. facts justify the assumption that the applicant is not reliable or otherwise does not meet the requirements to be imposed in the interest of the sound and prudent management of the account information service; 4. facts exist showing that a manager is not reliable, or does not have the professional qualifications required to manage the account information service, and BaFin designates another person as manager under section 1(8), second sentence; professional qualification presupposes an adequate level of theoretical and practical knowledge and skills in the relevant business and management experience; 5. the applicant does not have sound procedures for the identification, management, monitoring and reporting of risks, or adequate internal control procedures, including sound administrative and accounting procedures; 6. facts justify the assumption that effective supervision of the applicant is impaired; 7. the applicant does not have its head office in Germany or does not provide at least part of its services in Germany.