An application under this Part must be determined by the regulator to which it is required to be made ("the appropriate regulator") before the end of the period of 6 months beginning with the date on which it received the completed application.
The appropriate regulator may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within 12 months beginning with the date on which it received the application.
Where the application cannot be determined by the appropriate regulator without the consent of the other regulator, the other regulator's decision must also be made within the period required by subsection (1) or (2).
The applicant may withdraw the application, by giving the appropriate regulator written notice, at any time before the appropriate regulator determines it.
If the appropriate regulator grants an application—
it must give the applicant written notice.
The notice must state the date from which the permission, variation, cancellation or requirement has effect.
A notice under this section which is given by the PRA and relates to the grant of an application for Part 4A permission or for the variation of a Part 4A permission must state that the FCA has given its consent to the grant of the application.
In the case of an application for permission under this Part which—
this section has effect subject to regulation 5 of the Alternative Investment Fund Managers Regulations 2013 and, accordingly, subsections (1) to (3) do not apply.
In the case of an application which—
subsection (1) has effect as if the reference to "6 months" were to "3 months".
In this section, "insurance distribution activity" has the meaning given in article 92 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.