Sch 13 para 19
(1) If the licensing authority is not satisfied that the approval requirements are met in relation to the investor's holding of the notified interest, it may object to the investor's holding of that interest. (2) If the licensing authority proposes to object to the investor's holding of the notified interest, it must give the investor and the applicant a warning notice. (3) The warning notice must— (a) specify the reasons for the proposed objection, and (b) state that representations may be made to the licensing authority within the prescribed period. (4) The licensing authority must consider any representations made within the prescribed period. (5) If the licensing authority objects to the investor's holding of the notified interest, it must notify the investor and the applicant of its objection as soon as reasonably practicable. (6) The notice must— (a) specify the reasons for the objection, and (b) explain the effect of Part 5 of this Schedule.