Subject to regulation 11, the Authority must grant an application under regulation 8(a) if it is satisfied that the applicant -

(a) has its registered office in the United Kingdom;

(b) is authorised under Part 4A of the Act (permission to carry on regulated activities) to carry on the regulated activity referred to in article 5 (accepting deposits) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

(c) will comply with the requirements imposed upon issuers by or under these Regulations; and

(d) complies with any other requirements imposed by the Authority in relation to the application.