(1) The regulator must consider the application in accordance with this part.
(2) However, the regulator is not required to consider the application if—
(a) the application does not contain the information specified by the regulator or prescribed under the regulations; or
(b) the application does not satisfy section 40 (3); or
(c) the application is not accompanied by the application fee (if any) prescribed under the regulations; or
(d) the applicant did not provide further information required by the regulator by notice under section 42 within the period stated in the notice; or
(e) the regulator is satisfied that to issue the licence would be inconsistent with a policy principle in force under section 21.
(3) The regulator must issue the licence, or refuse to issue the licence, within the period (if any) prescribed under the regulations.