Sch 13 para 25
(1) The relevant licensing authority must— (a) following receipt of a notification under paragraph 21(2) or (3) or 23(2), or (b) if the licensing authority becomes aware that an investor has failed to comply with a notification requirement imposed by paragraph 21(2) or (3) or 23(2), determine which of the steps in sub-paragraph (3) to take. (2) The licensing authority must make the determination within such period as may be prescribed. (3) The steps are— (a) to approve the investor's holding of the notifiable interest unconditionally under paragraph 27, (b) to warn the investor under paragraph 28(3) that it proposes to approve the investor's holding of the notifiable interest subject to conditions, (c) to approve under paragraph 28(4) the investor's holding of the notifiable interest subject to conditions, (d) to warn the investor under paragraph 31(2) that it proposes to object to the investor's holding of the notifiable interest, or (e) to object under paragraph 31(3) to the investor's holding of the notifiable interest.