(1) The Supervisory Authority may cause to be registered a third-country auditor or third-country audit entity pursuant to section 1573 only if -

(a) where the applicant for registration is an audit entity (referred to in this section as the 'potential registrant'), the applicant satisfies so many of the conditions specified in subsection (2) as are applicable to an entity, and

(b) where the applicant for registration is an auditor (also referred to in this section as the 'potential registrant'), the applicant satisfies so many of the conditions specified in subsection (2) as are applicable to an individual.

(2) The conditions are as follows:

(a) the majority of the members of the administrative or management body of the potential registrant meet requirements equivalent to those of sections 1464 and 1472;

(b) the third-country auditor carrying out the audit on behalf of the potential registrant meets requirements equivalent to those of sections 1464 and 1472;