PART 3 Grant of authorisations

13 Grant and refusal of authorisations
1 If the Regulator has approved the grant of an authorisation to a person, and the person pays the fee for the first year of the authorisation’s currency, the Regulator must grant the authorisation by giving the person a written instrument of authorisation.
2 The instrument of authorisation must specify a day as its date of effect.
3 An authorisation—
(a) has effect from the date of effect specified in the instrument of the authorisation; and
(b) continues in effect until revoked or surrendered.
4 If the Regulator grants an authorisation subject to a condition, the Regulator must set the condition out in the instrument of authorisation.
5 If the Regulator refuses to grant an authorisation to a person, or grants an authorisation subject to a condition not sought by the person, the Regulator must give written notice to the person, setting out in the notice—
(a) the decision and the reasons for it;
(b) a brief statement of the evidence on which the Regulator relied; and
(c) a statement of the person’s right to appeal to the Tribunal, including the Tribunal’s address to which an appeal notice may be sent and the time limit for such an appeal.