(1) The Bank shall grant an authorisation only to -
(a) a legal person established in the State that has its head office and its registered office in the State, or
(b) a legal person which has a branch that is located in the State and whose head office is situated in a territory that is outside the European Economic Area.
(2) The Bank shall grant an authorisation if the information and evidence accompanying the application complies with all the requirements of Regulation 8 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 an electronic money institution, the electronic money institution has robust governance arrangements, including -
(a) a clear organisational structure with well-defined, transparent and consistent lines of responsibil
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