Sch 4 para 21
(1) Where the Board has received an application under paragraph 20 it may— (a) grant the application and give the approved regulator a notice to that effect, or (b) give the approved regulator a notice stating that the Board is considering whether to refuse the application (a “ warning notice ”). (2) The Board must publish any notice given by it under sub-paragraph (1)(a) or (b). (3) If the Board does not give the approved regulator a notice under sub-paragraph (1)(a) or (b) within the initial decision period, the application is deemed to have been granted by the Board. (4) The “ initial decision period ” means the period of 28 days beginning with the day on which the application was received by the Board. (5) The Board may extend the initial decision period— (a) with the consent of the approved regulator, or (b) by giving an extension notice to the approved regulator, before the end of that period (or if it has previously been extended under this sub-paragraph, that period as so extended). (6) An extension notice— (a) must specify the period of the extension, and (b) must state the Board's reasons for extending the initial decision period. (7) The period specified in the notice under sub-paragraph (6)(a) must end no later than the end of the period of 90 days beginning with the date on which the application was made under paragraph 20.