3.—(1) Where R has made an application under paragraph 2 the regulator must, by notice given to R—
(a)issue a benchmarking plan to R; or
(b)where sub-paragraph (2) applies, refuse to issue such a plan.
(2) This sub-paragraph applies where—
(a)the regulator is not satisfied that the plan proposed in the application complies with the Monitoring and Reporting Regulation; and
(b)P has not agreed to amendments of the plan that satisfy the regulator.
(3) Where the regulator by notice refuses to issue a benchmarking plan under sub-paragraph (1)(b), the notice must state what changes must be made to the proposed plan for the purposes of any fresh application under paragraph 2.