Paragraph 6 Decision on application
(1)
Where the deposit management organisation receives an application under paragraph 5, it must, within a reasonable period of receiving the application—
(a)
decide whether to grant or refuse the application, and
(b)
give the applicant a notice of its decision.
(2)
A notice under sub-paragraph (1)(b) must—
(a)
where the deposit management organisation grants the application, specify the date on which the authorisation takes effect;
(b)
where the deposit management organisation refuses the application—
(i)
state the reasons for that decision, and
(ii)
state that the applicant has a right under regulation 76 to apply to the deposit management organisation to review its decision.