(1) The appropriate regulator must, before the end of the period for consideration, determine whether -
(a) to grant an application under section 309I for approval for a person to perform a function, without imposing conditions or limiting the period for which the approval has effect, or
(b) to give a warning notice under section 309M(2).
(2) In subsection (1), "the period for consideration" means the period of 3 months beginning with the day on which the appropriate regulator receives the application.
This is subject to subsections (3) and (4).
(3) Where the application under section 309I is made by a person in reliance on section 309I(8) (applicants for recognition to be treated as relevant recognised bodies), "the period for consideration" means whichever of the following periods ends later -
(a) the period described in subsection (2), and
(b) the period within which the person's application for recognition must be determined -
(i) in the case of an application under section 287, in
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