(1) The FCA may only grant an application for authorisation to provide a data reporting service if -
(a) the applicant has complied with all directions and requirements under regulation 7;
(b) the applicant is established in the United Kingdom, or, in the case of an applicant the head office of which is not located in the United Kingdom, the applicant has established a branch in the United Kingdom;
(c) the FCA is satisfied that the applicant complies with all the requirements of -
(i) these Regulations,
(ii) the markets in financial instruments regulation,
(iii) the retained EU law made under the markets in financial instruments directive or the markets in financial instruments regulation,
applicable to the applicant; and
(d) the FCA is satisfied that the persons who effectively direct the business of the applicant are of sufficiently good repute.
(2) In this regulation, "branch" means a place of business other than the head office which is part of the applicant, which has no lega