31. (1) Where the Regulator, having considered the representations, if any, made in accordance with the notice given under section 29, decides to refuse to grant the application for registration, the Regulator shall give the applicant notice of—

(a) the decision and the reasons for the decision, and

(b) the applicant's entitlement to appeal the decision to the Appeals Panel under Part 7 not later than 21 days from the date of the notice.

(2) A decision referred to in subsection (1) shall take effect—

(a) where no appeal against the decision is brought under Part 7, on the expiration of the period specified in subsection (1)(b) for bringing an appeal under that Part, or

(b) in the case where an appeal is brought under Part 7, on the date on which the decision is confirmed on appeal or the appeal is withdrawn, abandoned or otherwise not proceeded with, as the case may be.