The Regulator must not grant accreditation to an applicant unless satisfied that the applicant has demonstrated--
(a) that the applicant is, or is to be, a rail infrastructure manager or rolling stock operator in respect of the railway operations for which accreditation is sought; and
(b) that the applicant has the competence and capacity to manage risks to safety associated with the railway operations for which accreditation is sought; and
(c) that the applicant--(i) has the competence and capacity to implement the proposed safety management system; and(ii) has the financial capacity, or has public risk insurance arrangements, to meet reasonable potential accident liabilities arising from the railway operations; and(iii) has met the consultation requirements set out in Division 6 in relation to the applicant's safety management system; and(iv) has complied with the requirements prescribed by the national regulations (if any) for the purposes of this section.