The Rail Safety Regulator must not grant accreditation to an applicant unless satisfied, having regard to any guidelines applicable to this section, that the applicant has demonstrated that –

(a) the applicant is, or is to be, a rail infrastructure manager or rolling stock operator in relation to the railway operations for which accreditation is sought; and

(b) the applicant has the competence and capacity to manage risks to safety associated with the railway operations for which accreditation is sought; and

(c) 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

(d) the applicant has consulted the persons that the person is required under section 41(2) to consult in relation to the applicant's safety management system; and

(e) the applicant has complied with the requirements (if any) prescribed for the purposes of this section.