(1) This regulation and regulation 4 apply where -

(a) a small or medium sized business has made a finance application to a designated bank; and

(b) the application has been unsuccessful.

(2) Subject to paragraphs (3) and (4), the bank must provide all specified information that it holds in relation to the application to all designated finance platforms.

(3) Paragraph (2) does not apply where -

(a) the value of the finance facility applied for is less than £1,000;

(b) the facility applied for is sought for a period of less than 30 days;

(c) the bank is aware that the business is subject to a statutory demand for payment, enforcement proceedings or other legal proceedings in relation to payment obligations arising under an existing finance facility;

(d) the bank is aware that the business is subject to a formal demand; or

(e) the application was made by a broker on behalf of the business.