PART IVModification and termination of authorisations
Determination of application for surrender25.
(1)
SEPA shall give notice to the applicant of its determination of an application under regulation 24(3) within 2 months beginning with the date on which SEPA receives the application, or within such longer period as it may agree with the applicant in writing.
(2)
The provisions of regulation 16(2) apply in respect of the period mentioned in paragraph (1) as they apply in respect of the periods mentioned in regulation 16(1).
(3)
Where SEPA grants an application, the notice given under paragraph (1) shall specify the date on which the authorisation ceases to have effect.
(4)
In the case of a partial surrender, if SEPA is of the opinion that it is necessary to vary the authorisation to take account of the surrender, it shall send a notice to the applicant specifying–
(a)
variations to the authorisation consequent on the partial surrender; and
(b)
the date on which the authorisation, as varied, takes effect.
(5)
If SEPA has failed to determine the application within the period specified in paragraph (1) the application will be deemed to be granted at the end of that period.