(1) Subject to paragraph (2), the court may not determine an application under section 107 for an order sanctioning a banking business transfer scheme or 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 the 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.