[(1) The regulator to which an application for approval is made under section 60 may grant the application only if—
(a) it is satisfied that the person in respect of whom the application is made (“the candidate”) is a fit and proper person to perform the function to which the application relates, or
(b) in a case where the application is for approval to perform a designated senior management function in relation to the carrying on of a regulated activity by a relevant authorised person (a “relevant senior [(a “senior] management application”), it is satisfied that the condition in paragraph (a) will be met if the application is granted subject to one or more conditions (as to which, see subsection (2B)).]
(2) In [determining the application], [the regulator] may have regard (among other things) to whether the candidate, or any person who may perform a function on his behalf—
(a) has obtained a qualification,
(b) has undergone, or is undergoing, training, . . .
(c) possesses a level of competence, [or
(d) has the personal characteristics,]
required by general rules [made by that regulator] in relation to persons performing functions of the kind to which the application relates.
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