Conditions for approval in relation to particular European employer
12.—(1) Where the Regulator receives an application made under regulation 9, 10 or 11 for approval in relation to one or more European employers specified in the notice of intention it shall, before granting the approval in relation to any such European employer, be satisfied that persons giving the notice of intention meet the condition described in paragraph (2) in relation to that specified European employer.
(2) The condition to be met under paragraph (1) is that the Regulator has no reason to doubt that—
(a)the administrative structure of the scheme,
(b)the financial situation of the scheme, and
(c)the repute and professional qualifications or experience of the persons running the scheme,
are compatible with the proposed operations of the scheme in the specified host member State.