31F.—The Bank shall not take a draft decision to propose to the ECB to grant a Class 1 authorisation unless the applicant satisfies the Bank that—

(a) it is a body corporate,

(b) its registered office and its head office are both located in the State,

(c) at least 2 persons effectively direct its business, and

(d) the members of its management body meet the requirements of Regulation 79 of the European Union (Capital Requirements) Regulations 2014.]