(1) An application for authorisation as a payment institution may be made to the Bank where the State is the Member State in which the registered office of the applicant is situated.
(2) An application for authorisation as a payment institution made to the Bank shall be in the form directed by the Bank and shall contain or be accompanied by -
(a) a programme of operations, setting out in particular the type of payment services envisaged,
(b) a business plan including a forecast budget calculation for the first 3 financial years that demonstrates that the applicant is able to employ the appropriate and proportionate systems, resources and procedures to operate soundly,
(c) evidence that the applicant holds initial capital in accordance with Regulation 8,
(d) in the case of an applicant to which Regulation 17(2) applies, a description of the measures taken, in accordance with Regulation 17, to safeguard payment service users’ funds,
(e) a description of the applicant’s governance arr
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