Subject to subsection (2), an application under section 261C(1)(a) must be determined by the FCA before the end of the period of six months beginning with the date on which it receives the completed application.
An application under section 261C(1)(a) in respect of a contractual scheme which is a UCITS, or an application under section 261C(1)(b), must be determined by the FCA before the end of two months beginning with the date on which it receives the application.
The FCA may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within twelve months beginning with the date on which it first receives the application.
The applicants may withdraw the application, by giving the FCA written notice, at any time before the FCA determines it.