(1) The requirements referred to in regulation 14(1)(a) and 14(1A)(b) are as follows.

(2) The company and its instrument of incorporation must comply with the requirements of these regulations and FCA rules.

(3) The head office of the company must be situated in England and Wales (or Wales), in Scotland or in Northern Ireland.

(4) The company must have at least one director.

(5) The directors of the company must be fit and proper persons to act as such.

(6) If the company has only one director, that director must be a body corporate which is incorporated in the UK, is an authorised person and which has a Part 4A permission to carry on the regulated activity of managing a UK UCITS or, as the case may be, managing an AIF.

(7) If the company has two or more directors, the combination of their experience and expertise must be such as is appropriate for the purposes of carrying on the business of the company.

(8) The person appointed as the depositary of the company -

(a) must be a body corporate incorporated in the United Kingdom;

(b) must have a place of business in the United Kingdom;