(1) Subject to paragraphs (2) and (3), the Bank shall grant an application for a SPRV authorisation if satisfied that -
(a) the application complies with Regulation 30, and
(b) the objects of the SPRV are limited to operating as such.
(2) The Bank shall refuse an application for a SPRV authorisation if it is satisfied that -
(a) the SPRV is not of good repute or is not, or will not be, able to fulfil, in a proper manner, the responsibilities that are imposed on an authorised SPRV by or under these Regulations, or
(b) any officer of the SPRV is not a person of good repute, or
(c) the officers of the SPRV do not have the professional qualifications and experience necessary to operate a SPRV, or
(d) any person who has a qualifying holding in the SPRV is not of good repute, or
(e) the SPRV, or any officer of the SPRV, has, during the immediately preceding 5 years, been convicted of an offence involving breach of trust, fraud or dishonesty, or