s 309L Determining applications: period for approval
(1) The appropriate regulator must, before the end of the period for consideration, determine whether— (a) to grant an application under section 309I for approval for a person to perform a function, without imposing conditions or limiting the period for which the approval has effect, or (b) to give a warning notice under section 309M (2) . (2) In subsection (1) , “ the period for consideration ” means the period of 3 months beginning with the day on which the appropriate regulator receives the application. This is subject to subsections (3) and (4) . (3) Where the application under section 309I is made by a person in reliance on section 309I (8) (applicants for recognition to be treated as relevant recognised bodies), “ the period for consideration ” means whichever of the following periods ends later— (a) the period described in subsection (2) , and (b) the period within which the person’s application for recognition must be determined— (i) in the case of an application under section 287, in accordance with section 290(1B); (ii) in the case of an application under section 288, in accordance with Article 17(7) of the EMIR regulation; (iii) in the case of an application under section 288A, in accordance with section 290(4A). (4) If the appropriate regulator imposes a requirement under section 309I (5) , the period described in subsection (2) stops running on the day on which the requirement is imposed but starts running again— (a) on the day on which the required information is received by the appropriate regulator, or (b) if the information is not provided on a single day, on the last of the days on which it is received by the appropriate regulator. (5) An applicant may withdraw an application under section 309I , by giving written notice to the appropriate regulator, at any time before the appropriate regulator determines the application, but only with the consent of— (a) the person in relation to whom the application is made, and (b) the person by whom that person is to be retained to perform the function to which the application relates, if not the applicant.