(1) On determining an application for the grant of a permission, the PRA must give the applicant a written notice stating -

(a) its decision; and

(b) if the permission is granted, any conditions to which the permission is subject and the date on which the permission takes effect.

(2) Where the PRA varies or revokes a permission, it must give the institution concerned a written notice stating -

(a) that the permission is varied or revoked; and

(b) the date on which the variation or revocation takes effect.

(3) Where the PRA amends a condition to which a permission is subject, it must give the institution concerned a written notice stating -

(a) the amended condition; and

(b) the date on which the amendment takes effect.