C1F2PART 4APermission to carry on regulated activities
Pt. 4A excluded by S.I. 1998/1870, reg. 14(2)(c) (as substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(5)(b))
Procedure
55VDetermination of applications
1
An application under this Part must be determined by the regulator to which it is required to be made (“the appropriate regulator”) before the end of the period of 6 months beginning with the date on which it received the completed application.
2
The appropriate regulator may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within 12 months beginning with the date on which it received the application.
3
Where the application cannot be determined by the appropriate regulator without the consent of the other regulator, the other regulator's decision must also be made within the period required by subsection (1) or (2).
4
The applicant may withdraw the application, by giving the appropriate regulator written notice, at any time before the appropriate regulator determines it.
5
If the appropriate regulator grants an application—
a
for Part 4A permission,
b
for the variation or cancellation of a Part 4A permission,
c
for the variation or cancellation of a requirement imposed under section 55L or 55M, or
d
for the imposition of a new requirement under either of those sections,
it must give the applicant written notice.
6
The notice must state the date from which the permission, variation, cancellation or requirement has effect.
7
A notice under this section which is given by the PRA and relates to the grant of an application for Part 4A permission or for the variation of a Part 4A permission must state that the FCA has given its consent to the grant of the application.
F18
In the case of an application for permission under this Part which—
a
relates to the regulated activity of managing an AIF, and
b
would if granted result in the applicant becoming a full-scope UKAIFM,
Pt. 4A substituted for ss. 40-55 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 11(2), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.