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Financial Services and Markets Act 2000

Section 184: Approval of acquisition of control

364.The Authority is obliged by this section to notify the applicant without delay if it gives its approval.

365.If the Authority fails to indicate its approval or to issue a warning notice within three months, subsection (2) provides that the applicant is to be treated for the purposes of the Part as having been approved.

366.As a result of subsection (3), the approval is valid for a year, unless the Authority notifies the person intending to acquire control of a another time period.  If the person does not acquire the control in that period, a fresh application is required.

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