(1) The Bank shall not authorise an investment company unless:
(a) the investment company has an initial capital of at least €300,000;
(b) the investment company has submitted a programme of activity to the Bank setting out its organisational structure in the application for authorisation; and
(c) the conduct of the investment company's business is decided by at least two persons who meet the conditions laid down by the Bank in accordance with Regulation 36A (1).
(2) Where close links exist between the investment company and other natural or legal persons, the Bank shall grant authorisation only if those do not prevent the effective exercise of its supervisory functions.
(3) The Bank shall also refuse authorisation if the laws, regulations or administrative provisions of a non-Member State governing one or more natural or legal persons with which the investment company has close links, or difficulties involved in their enforcement, prevent the effective exercise of their supervi