(1) A special purpose vehicle shall not be established without the prior approval of the Bank.
(2) These Regulations do not apply to special purpose reinsurance vehicles authorised under the European Communities (Reinsurance) Regulations 2006.
(3) However, any new activity commenced by such a special purpose reinsurance vehicle on or after 1 January 2016 shall be subject to these Regulations and other laws applicable in the State adopted pursuant to the Directive and shall require the prior approval of the Bank.