Paragraph 7 Decision on application
Where the deposit management organisation receives an application under paragraph 6, it must, as soon as reasonably practicable—
decide whether to grant or refuse the application, and
give the scheme retailer notice of its decision.
A notice under sub-paragraph (1)(b) must—
where the deposit management organisation grants the application, specify the date on which the authorisation takes effect;
where the deposit management organisation refuses the application—
state the reasons for that decision, and
state that the scheme retailer has a right under regulation 79 to apply to the deposit management organisation to review its decision.
If the scheme retailer exercises the right under sub-paragraph (2)(b)(ii), the decision must not take effect before the end of the period specified in regulation 81(2).