[(1) . . .. . .
[(1A) . . .]
(2) If the [FCA] proposes to refuse to approve a prospectus, it must give the applicant written notice.
(3) The notice must state the [FCA's] reasons for the proposed refusal.
(4) If the [FCA] decides to refuse to approve a prospectus, it must give the applicant written notice.
(5) The notice must—
(a) give the [FCA's] reasons for refusing the application; and
(b) inform the applicant of his right to refer the matter to the Tribunal.
(6) If the [FCA] refuses to approve a prospectus, the applicant may refer the matter to
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