I16
1
Subject to paragraph (2), the court may not determine an application under section 107 for an order sanctioning a banking business transfer scheme F1or reclaim fund business transfer scheme—
a
where the applicant has failed to comply with the requirements in regulation 5(2) or (3); and
b
until a period of not less than twenty-one days has elapsed since F2the appropriate regulator was given the documents mentioned in regulation 5(5).
2
The requirement in regulation 5(2)(b) may be waived by the court in such circumstances and subject to such conditions as the court considers appropriate.