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7.—(1) Where P has made an application under paragraph 6(c) the regulator must—
(a)grant the application and submit the report to the Secretary of State; or
(b)subject to sub-paragraph (2), refuse the application where the regulator is not satisfied that P has complied with the requirements of this Schedule.
(2) The regulator may grant the application under sub-paragraph (1)(a) where P has otherwise complied with the requirements of this Schedule but failed to comply with the deadline in Article 51(2) of the Monitoring and Reporting Regulation or in paragraph 6(c).
(3) Where the regulator refuses the application under sub-paragraph (1)(b), the notice of determination must state the regulator’s reasons for doing so.
(4) The Secretary of State must, by 30th June in the year after the benchmarking year, submit to the European Commission any report submitted under sub-paragraph (1)(a).
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