24. (1) The Bank may refuse an application for approval under section 22 if the Bank is not satisfied that approval would be in the interests of the proper and orderly regulation of the ICAV or the application for approval has failed to comply with section 22.

(2) If the Bank decides to refuse to grant an approval in response to an application under section 22, the Bank shall give written notice to the applicant of the decision.

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