Approval of deposit-taker
6. (1) A deposit-taker shall be approved by the Board for the purposes of these Regulations if the conditions specified in paragraphs (2) and (3) are satisfied with respect to that deposit-taker.
(2) Thecondition specified in this paragraph is that the Board are satisfied that the deposit-taker will observe such procedures as will enable him fully to comply with his obligations under section 482(5) of the Act in relation to deposits of the kind referred to in regulation 5(a) of these Regulations.
(3) The condition specified in this paragraph is that the deposit-taker reaches agreement with the Board, on the terms and conditions specified in regulation 7, that he will instruct an auditor—
(a) to carry out the audit specified in that regulation, and
(b) to make a report in respect of that audit and furnish the report to the Board.
(4) The Board may, if a deposit-taker so requests, restrict their approval of that deposit-taker under paragraph (1) to either—
(a) that part of his business which is carried on through branches, or
(b) the remainder of his business.
(5) If the Board determine torefuse approval of the deposit-taker under this regulation, they shall give him notice of their determination specifying the reason for their refusal to approve him.