127. (1) The MARA shall determine an application under section 126(1) by—

(a) if the applicant has satisfied the MARA that all the obligations of the applicant arising from being the holder of the licence concerned (and whether or not such obligations arise under this Act or another enactment) have been discharged, consenting to the surrender of the licence by notice in writing given to the applicant specifying the date on which the surrender shall take effect,

(b) in any other case giving notice in writing to the applicant (subsequent to the applicant’s response (if any) to a notice under paragraph (c) given to the applicant) refusing that application and specifying the MARA’s reasons for the refusal, or

(c) in the interests of procedural fairness, giving a notice in writing to the applicant stating that the MARA is minded to refuse to grant the application for the reasons specified in the notice but that, if the applicant wishes to do so, he or she may, within the period specified in the notice for the purpose (being a period reasonable in all the circumstances of the case) provide, in view of those reasons only, supplementary material in the specified form to the MARA for the MARA’s further consideration before making a decision under paragraph (a) or (b) in respect of the application.

(2) The MARA shall, as soon as is practicable after it consents to the surrender of a licence, publish a notice on its website stating, at a minimum—

(a) the name of the holder or former holder of the licence,

(b) the date on which the surrender was, or will be, effected, and

(c) sufficient particulars of the licence to readily identify it.

(3) Where subsection (1)(b) applies, the MARA shall, at the same time as it gives the notice referred to in that subsection to the applicant concerned or as soon as is practicable thereafter, publish the notice on its website.

(4) The MARA shall, at the same time as it publishes a notice on its website under this section, also publish a notice on its website stating—

(a) that a person may question the validity of a decision of the MARA to which the first-mentioned notice relates by way of an application for judicial review under Order 84 in accordance with Chapter 8, and

(b) where practical information on the review mechanism can be found.

(5) The surrender of a licence purporting to be effected without the consent referred to in subsection (1)(a) shall be void.

(6) For the avoidance of doubt, it is hereby declared that paragraph (c) of subsection (1) only applies once to the same application under section 126(1).