21Term of licence

21 Term of licence

(1)  A licence is granted for a term (not exceeding 10 years) stated in the licence.

(2)  The term of a licence is, subject to the conditions of the licence, renewable.

(3)  An application for renewal of a licence must be made, in writing, to the Regulator at least 3 months, but not more than 6 months, before the end of the licence term (but the Regulator may grant an exemption from this requirement in an appropriate case).

(4)  The Regulator must not unreasonably refuse an application for renewal of a licence.