31D.—(1) An application for a Class 1 authorisation shall be accompanied by—

(a) a programme of operations, and

(b) a description of the arrangements, processes and mechanisms referred to in Regulation 61(1) of the European Union (Capital Requirements) Regulations 2014 proposed to be implemented.

(2) A programme of operations referred to in subsection (1)(a) shall—

(a) set out the types of business envisaged by the applicant,

(b) set out the structural organisation of the applicant, and

(c) where the applicant is part of a group, specify—

(i) the parent undertakings,

(ii) the financial holding companies, if any, and

(iii) the mixed financial holding companies, if any,

within the group.

(3) The Bank shall not take a draft decision to propose to the ECB to grant a Class 1 authorisation to an applicant unless it is satisfied that the arrangements, processes and mechanisms referred to in Regulation 61 of the European Union (Capital Requirements) Regulations 2014 proposed to be implemented by the applicant would, if implemented, enable sound and effective risk management by the applicant.]