(1) Where, in the performance of its functions under these Regulations, the competent authority refuses an application for admission to official listing, or where it discontinues such a listing, the issuer of the securities may apply to the High Court in a summary manner to have such refusal or discontinuation reviewed.

(2) On the hearing of an application under this Regulation, the High Court shall confirm the decision of the competent authority unless it is satisfied that the procedures specified by, or the requirements of, these Regulations or the Directive have not been complied with in any material respect.

(3) In any case where the High Court is satisfied that the procedures specified by, or the requirements of, these Regulations or the Directive have not been complied with in any material respect, the High Court may set aside the decision of the competent authority and in such a case shall remit the matter to the competent authority which shall thereupon reconsider the matter and make a further decision in accordance with such procedures and requirements.