(1) The Bank shall give written reasons for any decision to refuse or withdraw authorisation of an AIFM to manage or market alternative investment funds (or do both), or for any other decision taken by it in exercise of the powers conferred by these Regulations that adversely affects an AIFM, and shall communicate them to the person or persons concerned.
(2) Without prejudice to the circumstances, under the general law, in which judicial review shall lie in respect of the exercise or non-exercise by the Bank of its powers under these Regulations, judicial review shall lie in respect of a failure by the Bank to make, or inform the applicant of the making of, (in accordance with Regulation 9) a decision to grant or refuse to grant an authorisation under these Regulations to an applicant therefor.