(1) An applicant shall, as soon as is reasonably practicable give written notice to the Central Bank of —
(a) a proposed alteration to; or
(b) the occurrence of an event which the applicant knows affects or may affect in a material respect,
information supplied by the applicant to the Central Bank in relation to an application, being a proposal or event made or occurring while the application is pending a decision by the Central Bank.
(2) If an applicant fails to give written notice to the Central Bank under subregulation (1), the Central Bank may reject the application.