1. Subject to paragraph 2, a credit rating agency may refer to the Upper Tribunal the FCA's decision to:
(a) refuse to register the credit rating agency under Article 16 or 17,
(b) exercise its power under Article 20(1) or 20(2) to withdraw the registration of a credit rating agency,
(c) refuse the credit rating agency's application under Article 20(3) to withdraw its registration, or
(d) give a direction under Article 24(1).
2. Where there is a review under Article 18(7), paragraph 1 applies in relation to the new decision only.