(1) The Bank shall grant an authorisation only to a legal person established in the State that has its head office and its registered office in the State.
(2) The Bank shall grant an authorisation if the information and evidence accompanying the application complies with all the requirements of Regulation 10 and if the Bank's overall assessment, having scrutinised the application, is favourable. Before granting an authorisation, the Bank may consult other relevant public authorities.
(3) The Bank shall grant an authorisation only if, taking into account the need to ensure the sound and prudent management of a payment institution, the payment institution has robust governance arrangements for its payment services business, including -
(a) a clear organisational structure with well-defined, transparent and consistent lines of responsibility,
(b) effective procedures to identify, manage, monitor and report the risks to which it is or might be exposed, and
(c) adequate internal contro