(1) [Subject to subsection (1A),] an application under section [242(1)(a)] must be determined by the [FCA] before the end of the period of six months beginning with the date on which it receives the completed application.
[(1A) An application under [section 242(1)(a) in respect of a unit trust scheme which is a UCITS, or an application under section 242(1)(b),] must be determined by the [FCA] before the end of two months beginning with the date on which it receives the application.]
(2) The [FCA] may determine an incomplete application if it considers it appropriate to do so; and it must
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