PART 3Applications for approval for particular arrangements
Period for consideration of an application to perform controlled functions10.
In relation to a pre-implementation application—
(a)
if the application is received by the appropriate regulator within the meaning of section 60(9) (applications for approval)26 on or before the rule-making date, the period for consideration referred to in section 61(3A)(determination of applications)27 for that application is suspended from the day after the rule-making date until the condition in article 11(b) is met in relation to that application;
(b)
if the application is received by the appropriate regulator after the rule-making date the period for consideration does not begin to run until the end of the day on which the condition in article 11(b) is met in relation to that application.