(1) The criteria referred to in section 31G(4) are as follows:

(a) the reputation of the shareholders or members of the applicant;

(b) the reputation, knowledge, skills and experience, as specified in Regulation 79 of the European Union (Capital Requirements) Regulations 2014, of any member of the management body who will direct the business of the shareholders or members of the applicant;

(c) the financial soundness of the applicant, in particular in relation to the type of business pursued and envisaged by the credit institution;