(1) Where the Bank decides to refuse authorisation of a unit trust scheme under section 4 it shall notify the management company and trustee under the scheme of its decision and of the reasons therefor. The management company or trustee may apply to the High Court in accordance with Regulation 105 (as adapted by section 15) of the UCITS Regulations.

(2) The management company or trustee shall have the same right to apply to the High Court as in subsection (1) if a decision on authorisation under section 4 has not been taken by the Bank within 6 months of the submission of an application for authorisation which includes the information, other than any additional information, specified by the Bank under subsection (5) of that section.