Grant or refusal of application
5.—(1)  The Commission may, on receiving an application —
(a)grant the applicants an extension of the transitional period for such period and subject to such conditions as it thinks fit; or
(b)refuse the application.
(2)  Any condition imposed by the Commission under paragraph (1)(a) shall, unless otherwise specified by the Commission, be deemed to be imposed jointly and severally on all the applicants.
(3)  Without prejudice to the generality of the Commission’s power under paragraph (1) to refuse an application, the Commission may refuse the application if —
(a)the application is not made in accordance with regulation 4;
(b)the Commission has reasonable grounds for suspecting that any information submitted to the Commission under regulation 4 is incomplete, false or misleading in a material particular;
(c)the appropriate fee is not paid in accordance with regulation 4(2)(e);
(d)the Commission’s request for any information under regulation 4(7) is not complied with; or
(e)the Commission has reasonable grounds for believing that there has been a material change in any information furnished to the Commission under regulation 4, and such change is not notified to the Commission under regulation 4(8).
(4)  If the Commission refuses an application under paragraph (1), the Commission may specify a period of time for the applicants to bring to an end any infringement by the agreement of the section 34 prohibition.