244 Determination of applications.U.K.
(1)[F1Subject to subsection (1A),] An application under section [F2242(1)(a)] must be determined by the [F3FCA] before the end of the period of six months beginning with the date on which it receives the completed application.
[F4(1A)An application under [F5section 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 [F3FCA] before the end of two months beginning with the date on which it receives the application.]
(2)The [F3FCA] 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)The applicant may withdraw his application, by giving the [F3FCA] written notice, at any time before the [F3FCA] determines it.
Textual Amendments
F1Words in s. 244(1) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(16)(a)
F2Word in s. 244(1) substituted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(8)(a)
F3Word in ss. 242-252A substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4S. 244(1A) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(16)(b)
F5Words in s. 244(1A) substituted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(8)(b)
Modifications etc. (not altering text)
C1S. 244 applied (1.12.2001) by S.I. 2001/3592, arts. 1(2), 39(1) (with art. 23(2))
Commencement Information
I1S. 244 wholly in force at 1.12.2001; s. 244 not in force at Royal Assent see s. 431(2); s. 244 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 244 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)