(1) The Bank shall not grant an authorisation to operate a regulated market unless satisfied -

(a) that the proposed market operator is a company incorporated by statute or under the Companies Act 2014,

(b) where relevant, that the memorandum of association and articles of association or other constituting documents of the proposed market operator contain sufficient provision so as to enable the market operator to operate in accordance with -

(i) these Regulations, and

(ii) any condition or requirement which the Bank may impose,

(c) that the proposed market operator has the minimum level of capital specified by the Bank,

(d) as to the probity and competence of each of the proposed market operator's directors and managers,

(e) as to the suitability of each shareholder of the proposed market operator who would have a qualifying holding,