[F187DProcedure for decision on application for approvalU.K.
(1)If the competent authority approves a prospectus, it must give the applicant written notice.
(2)If the competent authority proposes to refuse to approve a prospectus, it must give the applicant written notice.
(3)The notice must state the competent authority's reasons for the proposed refusal.
(4)If the competent authority decides to refuse to approve a prospectus, it must give the applicant written notice.
(5)The notice must—
(a)give the competent authority's reasons for refusing the application; and
(b)inform the applicant of his right to refer the matter to the Tribunal.
(6)If the competent authority refuses to approve a prospectus, the applicant may refer the matter to the Tribunal.
(7)In this section “prospectus” includes a supplementary prospectus.]
Textual Amendments
F1 Ss. 84-87R and cross-headings substituted for ss. 84-87 (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(1), Sch. 1 para. 5