The FCA must notify the applicant of its decision on an application for listing—
If the FCA fails to comply with subsection (1), it is to be taken to have decided to refuse the application.
If the FCA decides to grant an application for listing, it must give the applicant written notice.
If the FCA proposes to refuse an application for listing, it must give the applicant a warning notice.
If the FCA decides to refuse an application for listing, it must give the applicant a decision notice.
If the FCA decides to refuse an application for listing, the applicant may refer the matter to the Tribunal.
If securities are admitted to the official list, their admission may not be called in question on the ground that any requirement or condition for their admission has not been complied with.