Regulation 55 Approval of credit cover
(1)
When credit cover is provided by A, the Settlement Body must—
(a)
determine whether the credit cover is—
(i)
approved in full;
(ii)
approved in part and not approved in part; or
(iii)
not approved; and
(b)
give a notice to A of its determination.
(2)
The Settlement Body must approve credit cover if it meets the requirements in regulation 54, and must not approve it otherwise.
(3)
The notice under paragraph (1)(b) must be given—
(a)
in the case of additional credit cover provided by A under regulation 56(2), not later than 2 working days after the additional credit cover is provided; and
(b)
in any other case, not later than 15 working days after the credit cover is provided.