England and Wales commercial and regulatory procedures
When must the FCA determine a Part 4A application?
Ordinarily six months for a completed application and twelve months for an incomplete application. Determine the application and give the required decision communication. FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit.
- Period
- Ordinarily six months for a completed application and twelve months for an incomplete application
- Trigger
- Receipt of the completed application, paired with original incomplete receipt where relevant
- Rule
- Financial Services and Markets Act 2000, section 55V(1) to (10)
Financial Services and Markets Act 2000, section 55V(1) to (10). The retained source governs determine the application and give the required decision communication. FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit.
Source guide · No automated date
Check the applicable procedure
FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit. Use calendar months beginning with the relevant statutory receipt. Establish completeness and the applicable special regime. The actual receipt of the completed application, paired with original incomplete receipt where relevant and required completion must be established before using a final date.
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When must the FCA determine a Part 4A application?
Ordinarily six months for a completed application and twelve months for an incomplete application. Determine the application and give the required decision communication. FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit.
Responsible actor. Appropriate regulator receiving the application.
Receipt of the completed application, paired with original incomplete receipt where relevant.
FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit.
FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit.
Financial Services and Markets Act 2000, section 55V(1) to (10)How does this provision count time?
- Determine the application and give the required decision communication.
- Use calendar months beginning with the relevant statutory receipt. Establish completeness and the applicable special regime.
- FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit.
Use calendar months beginning with the relevant statutory receipt. Establish completeness and the applicable special regime.
Use calendar months beginning with the relevant statutory receipt. Establish completeness and the applicable special regime. FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit.
Financial Services and Markets Act 2000, section 55V(1) to (10)Which facts prevent one automatic date?
FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit. Use calendar months beginning with the relevant statutory receipt. Establish completeness and the applicable special regime. The actual receipt of the completed application, paired with original incomplete receipt where relevant and required completion must be established before using a final date.
The appropriate regulator receiving the application has established the applicable procedure and receipt of the completed application, paired with original incomplete receipt where relevant. FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit. Determine the application and give the required decision communication. Ordinarily six months for a completed application and twelve months for an incomplete application. No computed final date is supplied.
A proposed completion raises a nonbusiness-day or time-boundary question for determine the application and give the required decision communication. Use calendar months beginning with the relevant statutory receipt. Establish completeness and the applicable special regime. Resolve this boundary under the identified provision and actual completion route. Use calendar months beginning with the relevant statutory receipt. Establish completeness and the applicable special regime.
The application is initially incomplete and becomes complete much later. FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit. FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit. No automatic final date follows from this scenario.
Which conditions and exceptions apply?
- Applicable procedure and actual event
- FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit.
- Counting and completion boundary
- Use calendar months beginning with the relevant statutory receipt. Establish completeness and the applicable special regime.
- FSMA section 55V controls this clock. Insurance-distribution-only applications and full-scope UK AIFM applications have express special provisions. Completing an initially incomplete application does not erase the original twelve-month limit.
- Appropriate regulator receiving the application. Receipt of the completed application, paired with original incomplete receipt where relevant. Determine the application and give the required decision communication. Use calendar months beginning with the relevant statutory receipt. Establish completeness and the applicable special regime.
What must the responsible actor complete?
Questions about this procedure
When must the FCA determine a Part 4A application?
Is section 55U the determination clock?
The timing provision is section 55V.
Financial Services and Markets Act 2000, section 55V(1) to (10)Does every application have six months from initial receipt?
No. Completed and incomplete applications have different statutory events.
Financial Services and Markets Act 2000, section 55V(1) to (10)Are insurance-distribution-only applications different?
Section 55V(9) substitutes three months for the ordinary completed-application period.
Financial Services and Markets Act 2000, section 55V(1) to (10)Can full-scope UK AIFM applications use the ordinary branch unchanged?
Section 55V(8) expressly disapplies subsections (1) to (3) in its specified case.
Financial Services and Markets Act 2000, section 55V(1) to (10)Does regulator consent get a separate later deadline?
Section 55V(3) places the other regulator’s decision within the applicable period.
Financial Services and Markets Act 2000, section 55V(1) to (10)Can an applicant withdraw before determination?
Section 55V(4) permits withdrawal by written notice.
Financial Services and Markets Act 2000, section 55V(1) to (10)Official sources and review
Provisions used (1)
| Provision | Purpose |
|---|---|
| Financial Services and Markets Act 2000, section 55V(1) to (10) | Check the identified procedure, event, counting rule or qualification |