(1) In this regulation, "a relevant application" means an application to the FCA under regulated market admission rules for approval of a prospectus or supplementary prospectus.

(2) If the FCA proposes to refuse a relevant application, it must give the applicant written notice.

(3) The notice must state the FCA’s reasons for the proposed refusal.

(4) If the FCA decides to refuse a relevant application, it must give the applicant written notice.

(5) The notice must -

(a) give the FCA’s reasons for refusing the application, and

(b) inform the applicant of the right to refer the matter to the Tribunal [Section 417(1) of the Financial Services and Markets Act 2000 contains a definition of "the Tribunal" for the purposes of that Act.].

(6) If the FCA refuses a relevant application, the applicant may refer the matter to the Tribunal.