(1) A person shall not, knowingly or recklessly -
(a) apply for an authorisation using false or misleading information, or
(b) make false or misleading statements to the Bank in relation to an application for -
(i) an authorisation, or
(ii) an approval or permission from the Bank concerning the operation of an insurance undertaking, reinsurance undertaking or special purpose vehicle.
(2) A person who fails to comply with paragraph (1) commits an offence.