(1) The applicant for an authorisation of an investment firm shall be informed whether the application has been granted or refused -
(a) within 6 months after the receipt by the Bank of the complete application, or
(b) where further information or records have been requested by the Bank in relation to the application (which request the Bank has, by virtue of this Regulation, power to make) within 6 months after the receipt by the Bank of the further information or records.
(2) If the applicant does not provide a complete application within 12 months after the initiation of the application, the Bank may refuse the application for an authorisation.