(1) Where, having considered any representations made in response to the warning notice, the FCA decides to -

(a) publish a statement under regulation 11 (whether or not in the terms proposed), or

(b) impose a penalty under regulation 12 (whether or not of the amount proposed), it must without delay give the proxy advisor concerned a decision notice.

(2) In the case of a statement, the decision notice must set out the terms of the statement.

(3) In the case of a penalty, the decision notice must state the amount of the penalty.

(4) Where the FCA decides to -

(a) publish a statement in respect of a proxy advisor under regulation 11, or

(b) impose a penalty on a proxy advisor under regulation 12,

the proxy advisor may refer the matter to the Tribunal.

(5) After a statement under regulation 11 is published, the FCA must send a copy of it to -

(a) the proxy advisor concerned; and