Paragraph 3 Decision on registration application

(1)

The deposit management organisation—

(a)

may make a decision on a registration application before 1st October 2027, and

(b)

must grant the registration application and register the applicant as a scheme producer, if the deposit management organisation is satisfied that the registration application meets the requirements of paragraph 2 (2), or

(c)

otherwise, must refuse the registration application.

(2)

The deposit management organisation must notify the applicant—

(a)

of its decision concerning the registration application,

(b)

if the application is granted, of the date on which the registration takes effect, and

(c)

if the registration application is refused, of the reasons for that decision.

(3)

A notification under sub-paragraph (2) must be in writing.

(4)

The deposit management organisation must complete the steps required by sub-paragraphs (1) and (2) within a reasonable period of receiving the registration application.