(1) A recognised accountancy body may, on application made to it by an individual or firm, approve, under these Regulations, the applicant as a statutory auditor or audit firm.
(2) A recognised accountancy body may, on foot of an application under paragraph (1), grant approval under these Regulations only to -
(a) individuals, or
who or which are of good repute.
(3) A recognised accountancy body may, on application made to it by a thirdcountry auditor and in accordance with Regulation 134, approve, under these Regulations, the applicant as a statutory auditor.
(4) Paragraph (5) applies in the case of an application under paragraph (1) -
(a) by a firm that is a Member State audit firm in the circumstances where it is not seeking registration in accordance with Regulation 38, or
(b) by a Member State auditor.
(5) For the purposes of this Regulation, the fact that the applicant is a Member State audit firm or Member State auditor shall constitute conclusive evidence that t