relevant for any bank license, permit or application. The CBI shall establish direct contact with the relevant foreign supervisory authority in order to verify statements provided pursuant to paragraph (2), sub-paragraph (m) of Article 5 or paragraph (1), sub-paragraph (e) of Article 6 4 Applications for a banking license or permit shall be rejected if the CBI is not satisfied that the conditions specified by or pursuant to this Law for issuing such license or permit are fulfilled. The CBI shall publish by regulation standards that it will apply in evaluating applications for a banking license or permit. 6. The CBI shall grant a license or permit on being satisfied regarding: a. the validity of the documents submitted pursuant to Article 5 or Article 6, as applicable; b. the financial status and history of the applicant; c. the character and professional experience of the administrators as fit and proper persons; d. the identity and character of the owners as fit and proper persons, in particular persons with qualifying holdings; e. the adequacy of the staffing, operational and financial resources and capital structure of the proposed bank to cover all obligations and liabilities incurred in the conduct of the proposed banking activities to be authorized under the license or permit; f. the soundness of the proposed operations; g. the viability of the business plan; h. the applicant's intention to maintain a physical presence at a fixed address in Iraq; and i. in any case where the applicant is a subsidiary or a foreign bank or bank holding company or concerning the permit for a branch of a foreign bank, that comprehensive consolidated supervision is exercised by the relevant foreign supervisory authority. 7. A decision by the CBI to grant a license or permit shall be notified to the applicant and published in the Official Gazette or if the Official Gazette is not available for such use on a frequent basis, then published in a widely circulated general publication(s) (here after the " Official Publication.") Upon issuance of the license or permit, the bank shall be added to the list in the register of banks. 5 If a license or permit is denied, the CBI shall serve notice of the denial decision accompanied by a description of the reasons for the denial. If an application remains incomplete or fails to meet the requirements within three months following receipt of a notification by the CBI pursuant to paragraph (1) above, the applicant shall be regarded as having abandoned the application. In all cases, the applicant shall not be entitled to a refund of the application fees paid. 6 Banks must notify the CBI of any changes in circumstances that affect the statements they made in the license or permit application. A domestic bank shall obtain the CBI's prior approval for any proposed amendment to its instrument of formation or bylaws. Such amendment or change shall not enter into force until after the CBI has granted approval and such amendment or change has been recorded in the register of banks. A foreign bank holding a permit shall notify the CBI of any material changes to the