F1Subject to subsection (1A), An application under section F2242(1)(a) must be determined by the F3FCA before the end of the period of six months beginning with the date on which it receives the completed application.

An application under F5section 242(1)(a) in respect of a unit trust scheme which is a UCITS, or an application under section 242(1)(b), must be determined by the F3FCA before the end of two months beginning with the date on which it receives the application.

The F3FCA may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within twelve months beginning with the date on which it first receives the application.

The applicant may withdraw his application, by giving the F3FCA written notice, at any time before the F3FCA determines it.