SCHEDULES
SCHEDULE 4Approved regulators
Part 3Alteration of approved regulator's regulatory arrangements
Initial determination
21
1
Where the Board has received an application under paragraph 20 it may—
a
grant the application and give the approved regulator a notice to that effect, or
b
give the approved regulator a notice stating that the Board is considering whether to refuse the application (a “warning notice”).
2
The Board must publish any notice given by it under sub-paragraph (1)(a) or (b).
3
If the Board does not give the approved regulator a notice under sub-paragraph (1)(a) or (b) within the initial decision period, the application is deemed to have been granted by the Board.
4
The “initial decision period” means the period of 28 days beginning with the day on which the application was received by the Board.
5
The Board may extend the initial decision period—
a
with the consent of the approved regulator, or
b
by giving an extension notice to the approved regulator,
before the end of that period (or if it has previously been extended under this sub-paragraph, that period as so extended).
6
An extension notice—
a
must specify the period of the extension, and
b
must state the Board's reasons for extending the initial decision period.
7
The period specified in the notice under sub-paragraph (6)(a) must end no later than the end of the period of 90 days beginning with the date on which the application was made under paragraph 20.