Section 64 Timing of decisions about authorisationI1

The Regulator must decide an application under this Part before the end of the period of 6 months beginning with the day on which it received the application (“the decision period”).

If in a particular case the Regulator considers that the decision period is insufficient to enable it to decide the application, it may on one or more occasions extend that period by notice to the applicants; but it may not extend it beyond the end of the period of 9 months beginning with the day on which it received the application.

Where an application received by the Regulator fails to comply with section 63 or regulations made under it (including where the applicants fail to pay a fee required in respect of the application) the references in subsections (1) and (2) to the day on which the Regulator receives the application are to the day on which the failure is remedied.