(1) If the FCA proposes to refuse an application made under regulation 11(1), Article 15 or 15a of the EuSEF Regulation or Article 14 or 14a of the EuVECA Regulation it must give the applicant a warning notice.

(2) If the FCA decides to refuse an application -

(a) it must give the applicant a decision notice; and

(b) the applicant may refer the matter to the Tribunal.

(3) If the FCA has not determined an application made under Article 15 or 15a of the EuSEF Regulation or Article 14 or 14a of the EuVECA Regulation before the end of the period of two months starting with the date on which the applicant has provided all the information required by the FCA in connection with the application -

(a) the FCA is to be treated as having refused the application, and

(b) the applicant may refer the matter to the Tribunal.