[87D Procedure for decision [to refuse an] application for approval]
[87D Procedure for decision [to refuse an] application for approval]

[(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 the Tribunal.