Regulation 5 Grant and refusal of approval
If, on an application made under regulation 4, it appears to the Treasury that the requirements of Schedule 1 are satisfied with respect to the application, they may—
subject to the payment of any fee charged by virtue of regulation 6(1); and
subject to the provisions of Schedule 2,
approve the applicant as Operator of a relevant system.
An approval under this regulation shall be by instrument in writing and shall state the date on which it takes effect.
Schedule 1 (which imposes requirements which must appear to the Treasury to be satisfied with respect to an Operator, the relevant system and his rules and practices) shall have effect.
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.