(1) An authorised SPRV shall -

(a) maintain sound administrative and accounting procedures, adequate internal control mechanisms and risk management requirements, and

(b) satisfy accounting, prudential and statistical information requirements

in accordance with such requirements (if any) as the Bank notifies to the SPRV in writing from time to time.

(2) An authorised SPRV may not issue debt securities, unless the documents specifying the rights of the holders of the securities -

(a) make it clear that the SPRV is a legal entity separate from any third party involved in the establishment of the SPRV, and

(b) state the manner in which claims relating to such securities rank as between different security holders and limited in the event of insufficient funds, and

(c) make it a condition of securities issued or to be issued by the SPRV that the holders of the securities undertake not to initiate or participate in insolvency proceedings against the SPRV until those securities are discharged, and