244 Determination of applications
244 Determination of applications

(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 in any event determine such an application within twelve months beginning with the date on which it first receives the application.