- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
9. (1) The Authority must determine an application for authorisation or the variation of an authorisation before the end of the period of three months beginning with the date on which it received the completed application.
(2) The Authority may determine an incomplete application if it considers it appropriate to do so, and it must in any event determine any such application within 12 months beginning with the date on which it received the application.
(3) The applicant may withdraw its application, by giving the Authority notice, at any time before the Authority determines it.
(4) The Authority may grant authorisation to carry out the payment services to which the application relates or such of them as may be specified in the grant of the authorisation.
(5) If the Authority decides to grant an application for authorisation, or for the variation of an authorisation, it must give the applicant notice of its decision specifying—
(a)the payment services for which authorisation has been granted; or
(b)the variation granted,
described in such manner as the Authority considers appropriate.
(6) The notice must state the date on which the authorisation or variation takes effect.
(7) If the Authority proposes to refuse an application or to impose a requirement it must give the applicant a warning notice.
(8) The Authority must, having considered any representations made in response to the warning notice—
(a)if it decides to refuse the application or to impose a requirement, give the applicant a decision notice; or
(b)if it grants the application without imposing a requirement, give the applicant notice of its decision, stating the date on which the authorisation or variation takes effect.
(9) If the Authority decides to refuse the application or to impose a requirement the applicant may refer the matter to the Tribunal.
(10) If the Authority decides to authorise the applicant, or vary its authorisation, it must update the register as soon as practicable.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Click 'View More' or select 'More Resources' tab for additional information including: