(1) Where the
DFSA proposes to approve a proposed acquisition of or an increase in the level of control in an Authorised Market Institution pursuant to Rule 8.2.2(2)(a), it must:
(a) do so as soon as practicable and in any event within 90 days of the receipt of a duly completed application, unless a different period is considered appropriate by the
DFSA and notified to the applicant in writing; and
(b) issue to the applicant, and where appropriate to the
Authorised Market Institution, an approval notice as soon as practicable after making that decision.
(2) An approval, including a conditional approval granted by the
DFSA pursuant to Rule 8.2.2(2)(a) or (b), is valid for a period of one year from the date of the approval, unless an extension is granted by the DFSA in writing.
Derived from RM118/2013 [VER15/07-13]