(1) The applicant under Regulation 47(1) for an authorisation to operate a proposed regulated market shall be informed whether or not an authorisation has been granted -
(a) within 6 months after the date of receipt 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,
whichever is the sooner.
(2) If the applicant under Regulation 47(1) does not provide a complete application to the Bank, as required under Regulations 47 to 49, within the 12 months referred to in paragraph (1), the Bank may refuse the application.