(1) The Authority must determine an application for authorisation or for variation of an authorisation within three months beginning with the date on which it received the completed application.
(2) The Authority may determine an incomplete application if it considers it appropriate to do so, and it must in any event determine any such application within 12 months beginning with the date on which it received the application.
(3) The applicant may withdraw its application, by giving the Authority notice, at any time before the Authority determines it.
(4) If the Authority decides to grant an application for authorisation, or for variation of an authorisation, it must give the applicant notice of its decision stating -
(a) that authorisation has been granted to carry out electronic money issuance; or
(b) that the variation has been granted,
described in such manner as the Authority considers appropriate.
(5) The notice must state the date on which the authorisation or variation takes eff
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