(1) The FCA may determine that regulation 6 should cease to apply to a person -

(a) where, in respect of an advance application -

(i) the application does not comply with any applicable direction made by the FCA under regulation 2(2)(a) or (b); and

(ii) the steps referred to in regulation 3(b)(ii) have not been taken within the time specified;

(b) following a decision refusing registration in accordance with regulation 4(3); or

(c) at the request of the person to whom regulation 6 applies.

(2) The FCA must notify the person in respect of whom the determination is made of the day on which regulation 6 will cease to apply.

(3) Paragraph (1) is subject to Article 10 (withdrawal of registration) of the SFT Regulation.