105Status of licence during review

105  Status of licence during review  (1) This regulation applies if the regulator gives a licence holder written notice of its decision to refuse to renew the licence.  (2) If the licence holder does not apply for internal review of the decision, the licence continues to have effect until the last of the following events:  (b) the end of the period for applying for an internal review.  (3) If the licence holder applies for an internal review of the decision, the licence continues to have effect until the earlier of the following events:  (4) If the licence holder does not apply for an external review, the licence continues to have effect until the end of the time for applying for an external review.  (5) If the licence holder applies for an external review, the licence continues to have effect until the earlier of the following events:  (6) The licence continues to have effect under this regulation even if its expiry date passes.