(1) Where the Regulator proposes to exercise its conditional approval or objection power pursuant to Rule 8.8.5(3)(b) or (c) respectively, in respect of a proposed acquisition of, or an increase in the level of control in, an Authorised Person, it must, as soon as practicable and in any event within 90 days of the receipt of the duly completed application form, provide to the applicant:
(a) a written notice stating:
(i) the Regulator's reasons for objecting to that Person as a Controller or to the Person's proposed increase in control; and
(ii) any proposed conditions subject to which that Person may be approved by the Regulator; and
(b) an opportunity for the Person to make representations within 14 days of the receipt of such notice in (a) or such other longer period as agreed to by the Regulator.
(2) The Regulator must, as soon as practicable after receiving representations or, if no representations are received, after the expiry of the period for making representations referred to in (1)(b), issue a final notice stating that:
(a) the proposed objections and any conditions are withdrawn and the Person is an approved Controller;
(b) the Person is approved as a Controller subject to conditions specified in the notice; or
(c) the Person is not approved and therefore is an unacceptable Controller with respect to that Person becoming a Controller of, or increasing the level of control in, the Authorised Person.
(3) If the Regulator decides to exercise its power under this Rule not to approve a Person as a Controller or to impose conditions on an approval, the Person may refer the matter to the Regulatory Committee for review.