GEN 8.8.6

(1) Where the Regulator proposes to approve a proposed acquisition or an increase in the level of control in an Authorised Person pursuant to Rule 8.8.5(3)(a), it must:
(a) do so as soon as practicable and in any event within 90 days of the receipt of a duly completed application, unless a different period is considered appropriate by the Regulator and notified to the applicant in writing; and
(b) issue to the applicant, and where appropriate to the Authorised Person, an approval notice as soon as practicable after making that decision.
(2) An approval pursuant to Rule 8.8.5(3)(a), including a conditional approval granted by the Regulator pursuant to Rule 8.8.5(3)(b), is valid for a period of one year from the date of the approval, unless an extension is granted by the Regulator in writing.