PART 3Transitional and saving provision
CHAPTER 1Advance applications
Determination of an advance application7
1
The FCA must, before the end of a period of 40 working days beginning with the day on which the FCA confirms that an application is complete, take the following steps.
2
The first step is that the FCA must consider the application based on compliance with—
a
Articles 78 to 80 of the European Markets Infrastructure Regulation, and
b
Article 81 of the European Markets Infrastructure Regulation, as that Article has effect on exit day2.
3
The second step is that the FCA must decide whether the applicant should be registered as a trade repository or whether the application for registration should be rejected.
4
The third step is that the FCA must notify the applicant of its decision, and the reasons therefor.