PART 3

Applications for approval for particular arrangements

Period for consideration of an application to perform controlled functions
10
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) on or before the rule-making date, the period for consideration referred to in section 61(3A)(determination of applications) 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.
Section 60(9) was added, together with subsections (7) and (8) by the Financial Services Act 2012 (c.81), Schedule 5, paragraphs 1, 4.
Section 61(3A) was inserted by the Financial Services Act 2012 (c.21), Schedule 5, paragraphs 1, 5.
Art. 10 in force at 26.3.2015, see art. 1(1)