23. On an application made to it by an ICAV under section 22, the Bank shall approve a management company if the management company is—

(a) an alternative investment fund manager authorised by the Bank under Part 2 of the AIFM Regulations or by the competent authority in its home Member State in accordance with Chapter II of Directive 2011/61/EC of the European Parliament and of the Council of 8 June 2011 ¹, or

(b) the Bank is satisfied that—

(i) the competence of the management company in respect of matters of the kind with which it would be concerned in relation to an ICAV and its probity are such as to render it suitable to act as management company,

(ii) the management company is a body corporate that is incorporated under the law of the State and has, in the opinion of the Bank, sufficient financial resources at its disposal to enable it to conduct its business effectively and meet its liabilities, and

(iii) the management company will be in a position to comply with any conditions imposed by the Bank under section 27.