13.—(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.