38. The FCA must, before the end of a period of 20 working days beginning with the day on which it receives a notification under regulation 36—
(a)if it considers that the notification complies with the requirements of, or made under, that regulation, confirm in writing to the person making the notification that the notification is valid;
(b)if it considers that the notification does not comply with those requirements—
(i)confirm in writing to the person making the notification that the notification is not valid, and
(ii)where applicable, inform the person of the steps which need to be taken, and the time within which they need to be taken, for the notification to be considered valid.