(1) The applicant under Regulation 11(1) for an authorisation to operate as an investment firm shall be informed -
(a) within 6 months after the receipt by the Bank of the complete application, or
(b) where additional information in relation to the application has been sought by the Bank, within -
(i) 6 months after the receipt by the Bank of the additional information, or
(ii) 12 months after the receipt by the Bank of the complete application,
whether or not an authorisation has been granted, whichever is the sooner;
(2) If the applicant under Regulation 11(1) does not provide a complete application, as required under Regulations 11 to 14, within the 12 months referred to in paragraph (1) of this Regulation, the Bank may refuse the application.