(1) The Authority may refuse to grant an application for authorisation only if any of the conditions set out in paragraphs (2) to (8) is not met.
(2) The application must comply with the requirements of, and any requirements imposed under, regulations 5 and 20.
(3) The applicant must immediately before the time of authorisation hold the amount of initial capital required in accordance with Part 1 of Schedule 2.
(4) The applicant must be either -
(a) a body corporate constituted under the law of a part of the United Kingdom having -
(i) its head office; and
(ii) if it has a registered office, that office,
in the United Kingdom; or
(b) a body corporate which has a branch that is located in the United Kingdom and whose head office is situated in a territory that is outside the United Kingdom.
(4A) The applicant carries on, or will carry on, at least part of its electronic money and payment service business in the United Kingdom.
(5) The applicant must satisfy the Authority that, taking in
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