(1) An application for authorisation as a payment institution 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 three 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 11,
(d) in the case of an applicant to which Regulation 24(2) applies, a description of the measures taken, in accordance with Regulation 24, for protecting payment service users' funds,
(e) a description of the applicant's governance arrangements and internal control mechanisms (including its administrative, risk-management and accounting procedures) that demonstrates that those governance arrangements, control mechanisms and