(1) An application for authorisation as an electronic money 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 business envisaged,
(b) a business plan, including a forecast budget calculation for the first 3 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 13,
(d) in the case of an applicant to which Regulations 29 and 30 apply, a description of the measures taken, in accordance with those Regulations, for protecting electronic money holders' 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
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