(1) An application under section 272 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.
(2) The [FCA] may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within twelve months beginning with the date on which it first receives the application.
(3) If the [FCA] makes an order under section 272(1), it must give written notice of the order to the applicant.
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