Banking Supervision Department Licensing Service Portal (“BSDLSP”) Service Portal Terms and Conditions

1.    Acknowledgment and Acceptance of the BSDLSP Terms of Service. Unless otherwise stated, the BSDPLSP comprises of Licensing Services Portal, User Registration Portal & Data Collection Portal.

1.1.    The Service (as defined below) is provided under the below terms and conditions (“Terms”) and any operating rules or policies that may be published by CBUAE. By completing the user registration process, you agree to be bound by these Terms If you are agreeing to these Terms on behalf of a company or other legal entity, you represent that you have the authority to bind such entity to the Terms, in which case the terms “you” or “your” shall refer to such entity. If you do not agree to be bound by these Terms or do not have the authority to bind an entity, you should not access or use any part of this Service.

1.2.    The Service is provided free of cost for use by entities, both juridical and individual to express their intent to secure credentials to be used to access the Services portal hosted by CBUAE.  The Services portal hosts the BSDLSP applications enabling you to request CBUAE for approvals and/or notifying CBUAE of intent to commence providing a service.

1.3.    If any of the Terms are held to be invalid, illegal or unenforceable, such provision (or any part thereof) shall be deemed as severed and the rest of the provisions shall remain in full force and effect.

2.    Definitions

“User(s)” means employees, representatives, contractors or agents of an entity, or other individuals who are authorized to use the Service and have been supplied user identifications and passwords by CBUAE.

“Service” the specific edition of the BSDLSP system developed, operated, and maintained by the Licensor, accessible via the designated web site or IP address, or ancillary services to which you are being granted access under these Terms, including the BSDLSP technology and the content.

“CBUAE” Central Bank of the United Arab Emirates.

“Content” the information, software and services contained or made available to you in the course of using the Service.

“Licensor” third party licensor of the BSDLSP system software.

3.    Representations & Warranties

By completing the pre-registration process, you represent and warrant that: 

3.1. You have not falsely identified yourself nor provided any false information to gain access to the Service and that your information and details provided here are correct;

3.2 You are authorized to register for this Service. If you are registering for this Service on behalf of a company or other legal entity, you confirm that you are authorized to register on behalf of such entity.

4.    Responsibilities

4.1.    You are responsible for all activity occurring under your User accounts and shall abide by all applicable laws and regulations in connection with your use of the Service, as well as any operating rules or policies that may be published by CBUAE from time to time. 

4.2.    You are entirely responsible for maintaining the confidentiality of your password and account and using your credentials only for the intended purposes.

4.3.    You shall: (I) notify CBUAE immediately of any unauthorized use of any password or account or any other known or suspected breach of security; (ii) report to CBUAE immediately and use reasonable efforts to stop immediately any distribution of Content that is known or suspected by you or your Users (as applicable); and (iii) not impersonate another User or provide false identity information to gain access to or use the Service.

4.4.    You agree that use of the Service does not replace the requirement for normal business controls in your organization and reporting formalities.

4.5.    You shall not use this Service for any illegal purposes and in particular you agree that you shall not send, use, copy, post or allow any posting which is defamatory or obscene or which is abusive, indecent or in breach of the privacy of any person. You agree not to send any unsolicited promotional or advertising material, spam or similar materials or any volume messages that may interfere with the operation of this Service or with the enjoyment of this Service by other Users.

4.6.    You may not use or permit anyone to use the information provided through the Services for any unlawful or unauthorized purpose.

5.    Confidentiality

5.1.    You agree not to disclose to your clients (or any other person) details of any reports and information transmitted by you through the Service or in connection with the Service and to strictly comply with all confidentiality obligations as per applicable laws and regulations. 

5.2.    If CBUAE provides any confidential information to you under these Terms, you agree that you will not disclose or use any such confidential information except for as authorized by CBUAE. You will not provide, or make such confidential information or any part thereof available in any form or medium to any person except to your employees/approved contractors (as applicable) who have a need to access such confidential information to enable you to exercise your obligations under these Terms and in accordance with CBUAE’s instructions. 

5.3.    You will promptly report to CBUAE any unauthorized use or disclosure of confidential information that you become aware of and provide reasonable assistance to CBUAE in the investigation and prosecution of any such unauthorized use or disclosure.

5. Indemnification 

You (for yourself and for each of your affiliates, officers, directors and employees) shall defend, protect, indemnify, save and hold CBUAE and its officers, directors, employees, and agents harmless from and against any and all claims, charges, costs, demands, damages, losses, liabilities, expenses, suits and causes of action of every kind and character or liabilities payable to or arising in favour of any person, corporation or other entity, incurred in any way and whether directly or indirectly related to or in connection with or arising out of or in connection with: (I) a claim alleging that use of your data infringes the rights of, or has caused harm to, a third party; (ii) a claim, which if true, would constitute a violation by you of your representations and warranties; or (iii) a claim arising from your misuse of the Service or your breach of these Terms.

6. Limitations

6.1. The Services may be subject to limitations, delays, and other problems inherent in the use of the internet and electronic communications. CBUAE is not responsible for any delays, delivery failures, or other damage resulting from such problems.

6.2. CBUAE disclaims any representations or warranties about the information provided through the Service, including any hypertext links to any website or other items used either directly or indirectly from this Service.  CBUAE accepts no liability for any inaccuracies in the information provided through this Service and any decisions based on information contained in its website are your sole responsibility and the responsibility of the concerned User.

6.3. CBUAE does not accept any liability to you whether in contract, tort (including negligence) or otherwise, arising out of it in connection with this Service. CBUAE accepts no liability for any direct, special, indirect or consequential damages, or any other damages of whatsoever kind resulting from whatever cause through the use of any information obtained either directly or indirectly from the Service portal.

7. Intellectual Property

These Terms and your access to the Service does not convey to you any rights of ownership in or related to the Service, the BSDLSP technology or the Intellectual Property Rights owned by CBUAE or the Licensor. All trademarks, trade names, service marks and logos referenced herein belong to their respective owners.

8. Termination 

Any breach of your obligations or unauthorized use of the Service will be deemed a material breach of this Agreement. CBUAE, in its discretion, may suspend or terminate your access to the Service if you breach or otherwise fail to comply with the Terms.

9. Modification 

9.1. CBUAE reserves the right to modify the Terms or its policies relating to the Service at any time, effective upon posting of an updated version of these Terms on the Service portal or giving a written notice. You are responsible for regularly reviewing the Terms to ensure you are aware of any updates.

9.2. CBUAE reserves the right at any time and without notice to enhance, modify, alter, suspend or permanently discontinue all or any part of the Service and to restrict or prohibit access to it.

10. Notices

10.1. CBUAE may give notice by means of a general notice on the Service, electronic mail to your e-mail address on record, electronic communication, or by written communication sent by mail to your address on record, or by hand with a receipt. Such notice shall be deemed to have been duly given (a) in the case of delivery by hand, when delivered; (b)    in the case of electronic means, on the date of receipt by the recipient evidenced, by the applicable sender not receiving an automated message from the sender’s email server indicating a failure of delivery; (c)    in the case of general notice, on the date of accessing the Service; (d) in the case of delivery by reputable international courier,  on the date of receipt as indicated by such courier service, provided that in each case where delivery is effected after 5.00 pm on a Business Day or on a day which is not a Business Day, service shall deemed to occur at 9.00 am the next following Business Day. References to time in this clause are to local time in the United Arab Emirates.

11. Governing Law & Jurisdiction

These Terms shall be governed by, and construed in accordance with, the laws of the United Arab Emirates. All disputes, claims or proceedings between you and CBUAE relating to the Terms shall be subject to the jurisdiction of the competent courts of the United Arab Emirates.