(1) Common Equity Tier 1 items of fund administrators consist of the following:
(a) capital instruments meeting the conditions set out in paragraph (3);
(b) share premium accounts related to the capital instruments referred to subparagraph (a);
(c) retained earnings, subject to the restrictions set out in paragraph (4);
(d) capital contributions that meet the criteria set out in paragraph (5).
(2) The items referred to in paragraphs (1)(c) and (d) shall be recognised as Common Equity Tier 1 items only where they are available to the fund administrator for unrestricted and immediate use to cover risks or losses as soon as these occur.
(3) Capital instruments shall only qualify as Common Equity Tier 1 instruments -
(a) with the prior written permission of the Bank, and
(b) where all of the following conditions are met:
(i) the capital instruments are issued directly by the fund administrator, are paid up and their purchase is not funded directly or indirectly by the fund administrat