Paragraph 3 Decision on registration application
(1)
The deposit management organisation must, as soon as reasonably practicable—
(a)
grant the registration application and register the applicant as a registered scheme producer, if it is satisfied that the registration application meets the requirements of paragraph 2(3), or
(b)
otherwise, refuse the registration application.
(2)
The deposit management organisation must, as soon as reasonably practicable, notify the applicant—
(a)
of its decision;
(b)
if the application is granted, of the date on which the applicant’s registration as a registered scheme producer takes effect;
(c)
if the application is refused, of the reasons for that decision.
(3)
A notification under sub-paragraph (2) must be in writing.