20. (1) The Bank may refuse an application for authorisation under section 18 if the Bank is not satisfied that authorisation would be in the interests of the proper and orderly regulation of the ICAV or the application for authorisation of an ICAV has failed to comply with section 18.

(2) If the Bank decides to refuse to grant an authorisation in response to an application under section 18, the Bank shall give written notice to the applicant of the decision.

(3) A decision to refuse to grant an authorisation is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.