(a)

any legal or contractual terms governing the ancillary own-fund item or any connected arrangement are unambiguous and clearly defined;

(b)

the amount ascribed to the ancillary own-fund item in the application complies with Article 90(2) of Directive 2009/138/EC;

(c)

the economic substance of the ancillary own-fund item, including how the item provides basic own funds once called up, has been fully reflected in the application;

(d)

taking into account likely future developments as well as the circumstances at the date of the application, the insurance or reinsurance undertaking considers that the ancillary own-fund item complies with the criteria for the classification of own funds;

(e)

no facts have been omitted which if known by the supervisory authority could influence its decision regarding whether to approve an ancillary own-fund item, the amount for which approval of an item shall be granted, or the time period for which approval of a calculation method shall apply.