For Article 18 substitute -

"Article 18 Notification of decisions

1. Within 5 working days of the adoption of a decision under Article 16, 17, 20 or 24, the FCA must notify its decision to the credit rating agency concerned.

2. If the decision referred to in paragraph 1 is:

(a) to refuse the application for registration made under Article 16 or 17,

(b) to exercise the FCA's power under Article 20(1) or 20(2) to withdraw the registration of the credit rating agency on the FCA's own initiative,

(c) to refuse an application made by a credit rating agency under Article 20(3) to withdraw the registration of the credit rating agency, or

(d) to give a direction under Article 24(1),

the FCA must give the credit rating agency a written notice.

3. A written notice under paragraph 2 must:

(a) give details of the decision made by the FCA,

(b) state the FCA's reasons for the decision,

(c) state when the decision takes effect, and

(d) inform the credit rating agency that it may either: