# The Uncertificated Securities Regulations 2001, Paragraph 3 Regulation 5 shall be modified by the substitution for paragraph (4) ofโ€” โ€œ(4) Where the Treasury refuse an application for approval they shall give the applicant a written notice to that effect stating the reasons for the refusal.โ€. --- Source: https://www.legislation.gov.uk/ukdsi/2001/0110387449/schedule/6/paragraph/3 (the official version) Page: https://openlegislation.uk/draft-uncertificated-securities-regulations-2001/schedule-6/paragraph-3 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.