(a) may grant or refuse to grant to any person applying to it under this Regulation an authorisation to operate as a data reporting services provider, and
(b) shall not grant an authorisation unless satisfied that the applicant complies with all requirements under these Regulations.
(2) The Bank shall refuse authorisation if -
(a) it is not satisfied that the person or persons who shall effectively direct the business of the data reporting services provider are of good repute, or
(b) there are objective and demonstrable grounds for believing that the management body of the data reporting services provider may pose a threat to its sound and prudent management and to the adequate consideration of its clients and the integrity of the market.
(3) A data reporting services provider shall provide all information, including a programme of operations setting out -
(a) the types of services envisaged, and
(b) the organisational structure,
necessary to enable the Bank to sati