1.

A securitisation repository may, subject to paragraph 2, refer to the Tribunal the FCA’s decision to:

(a) refuse to register the securitisation repository under Article 12;

(b) exercise its power under paragraph 1 or 2 of Article 13a to withdraw the registration of a securitisation repository; or

(c) refuse the securitisation repository’s application under paragraph 3 of Article 13a to withdraw its registration.

2. Where there is a review under paragraph 8 of Article 13, paragraph 1 applies only in relation to the FCA’s decision in response to that review.