(1) Additional Tier 1 items of a fund administrator shall consist of the following:
(a) capital instruments where the conditions laid down in paragraph (2) are met;
(b) the share premium accounts related to the instruments referred to in subparagraph (a).
(2) Capital instruments shall only qualify as Additional Tier 1 instruments with the prior written permission of the Bank and where all of the following conditions are met:
(a) 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 administrator;
(b) the capital instruments rank below Tier 2 instruments in the event of the insolvency of the fund administrator;
(c) the capital instruments are neither secured nor subject to a guarantee that enhances the seniority of the claim by any group entity or entity with which the fund administrator has a close link;
(d) the capital instruments are not subject to any arrangement, contractual or oth