; and (2) enter into an enforceable compliance agreement with the covered person in accordance with the requirements of section 8. (c) Disapproval (1) Explanation If the agency disapproves a petition, the agency head shall provide the covered person with a written notice explaining the reason for such disapproval, including— (A) evidence that the covered person did not satisfy the requirements for establishing an alternative compliance strategy; (B) an identification of any agency regulations or Federal statutes applicable to the covered person with respect to the financial innovation that were omitted from the petition; and (C) a description of— (i) any beneficial effects, including an identification of persons likely to benefit, from rejecting the petition; (ii) any potential costs, including an identification of persons likely to bear the costs, of rejecting the petition