(1) Where an applicant intends to provide investment services or perform investment activities, the Bank shall not take a draft decision to propose to the ECB to grant a licence unless it is satisfied that the applicant will comply with the relevant provisions.

(2) In this section -

‘investment activities’ has the same meaning as it has in the Markets in Financial Instruments Directive;

‘investment services’ has the same meaning as it has in the Markets in Financial Instruments Directive;

‘relevant provisions’ means the provisions of the Regulations of 2017 which apply under Regulation 2(2) of those Regulations.