The FCA must act under section 301F within a period three months from the date the FCA receives the completed section 301A notice ("the assessment period").
The FCA must inform the section 301A notice-giver in writing of—
the duration of the assessment period; and
its expiry date.
The FCA must, within two working days of acting under section 301F (and in any event no later than the expiry date of the assessment period)—
notify the section 301A notice-giver that it has determined to approve the acquisition; or
in the case of a proposed objection to an acquisition, give a warning notice.
The FCA is treated as having approved the acquisition if, at the expiry of the assessment period, it has neither—
given notice under subsection (3); nor
informed the section 301A notice-giver that the notice is incomplete.
If the FCA decides to object to an acquisition it must give the section 301A notice-giver a decision notice.
Following receipt of a decision notice under this section, the section 301A notice-giver may refer the FCA's decision to the Tribunal.