(1) A person who wishes to be granted an authorisation shall apply to the Bank in that behalf.

(2) The Bank may grant or refuse an application for authorisation.

(3) An application for authorisation may be granted -

(a) unconditionally, or

(b) subject to such conditions or requirements as the Bank sees fit.

(4) The Bank may from time to time vary conditions or requirements subsequent to granting an application for authorisation.

(5) Without prejudice to paragraphs (3)(b) and (4), the Bank may impose conditions or requirements (or both) in respect of the level of capital to be maintained by an investment firm where -

(a) the Bank has identified particular risks that cannot be addressed other than by way of an additional capital requirement; or

(b) the sole application of other measures is unlikely to address particular risks identified by the Bank, sufficiently or within an appropriate timeframe,