(1) Regulations 5, 8 and 9(1) to (5) apply to an application to the FCA for verification of compliance with these Regulations, as those regulations apply to an application for authorisation to provide a data reporting service.

(2) If the FCA verifies that an investment firm, credit institution or recognised investment exchange complies with these Regulations, it must give the applicant notice of its decision specifying -

(a) the data reporting services to which the verification relates; and

(b) any restrictions imposed under regulation 9(5) (as applied by this regulation).

(3) The notice must state the date on which the verification takes effect.

(4) The FCA must give the applicant a warning notice if it proposes to -

(a) impose a restriction on the applicant; or

(b) refuse an application.

(5) The FCA must, having considered any representations made in response to the warning notice -