(1) The FCA may only grant an application for authorisation to provide a data reporting service if -

(a) the applicant has complied with all the directions and requirements under regulation 5;

(b) where a direction to tender applies in respect of the data reporting service concerned, the applicant is a preferred bidder;

(c) the applicant -

(i) is established in the United Kingdom, or

(ii) is a person not established in the United Kingdom who -

(aa) is applying to provide a service described in the definition of an APA or an ARM, and

(bb) has a branch in the United Kingdom;

(d) the FCA is satisfied that the applicant complies with all the requirements imposed by or under -

(i) these Regulations,

(ii) data reporting service rules,

(iii) the markets in financial instruments regulation,