An application under regulation 8 may be refused if, for any reason relating to -

(a) in the case of an application under regulation 8(a), the applicant; or

(b) in the case of an application under regulation 8(b), the issuer, the owner of the relevant asset pool or the quality of that asset pool,

the Authority considers that granting it would be detrimental to the interests of investors in regulated covered bonds or to the maintenance of the good reputation of the regulated covered bond sector in the United Kingdom.