(1) The Bank may grant approval to a financial holding company or mixed financial holding company only where all of the following conditions are satisfied:

(a) the internal arrangements and distribution of tasks within the group of which the financial holding company or mixed financial holding company, as the case may be, is part are adequate for the purpose of complying with the requirements under these Regulations and the Capital Requirements Regulation on a consolidated or sub-consolidated basis and, in particular, are effective to -

(i) coordinate all the subsidiaries of the financial holding company or mixed financial holding company, as the case may be, including, where necessary, through an adequate distribution of tasks among subsidiary institutions,

(ii) prevent or manage intra-group conflicts, and

(iii) enforce the group-wide policies set by the parent financial holding company or parent mixed financial holding company, as the case may be, throughout the group;