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7. (1) Where the Regulator receives an application for authorisation under regulation 4, 5 or 6, it shall, before granting the authorisation, be satisfied that the applicant meets the conditions described in paragraph (2).
(2) The conditions to be met under paragraph (1) are—
(a)that the scheme is registered in the register,
(b)the matters set out in Article 9(1)(b) to (f) of the Directive are satisfied,
(c)that the trustees or managers of the scheme have ensured that the scheme will be operated in a way which is consistent with the requirements of the law relating to schemes, and
(d)in the case of a scheme which is not a money purchase scheme—
(i)where the application is made under regulation 4, that the scheme meets the statutory funding objective, or
(ii)where the application is made under regulation 5, that the scheme will, in the opinion of the Regulator, meet the statutory funding objective by 22nd September 2008, or
(iii)where the application is made under regulation 6, that the scheme will, in the opinion of the Regulator, meet the statutory funding objective by the expiry of the period of two years beginning on the date on which the application was made.
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