(1) Where the DFSA proposes to approve a proposed acquisition or an increase in the level of control in an
Authorised Firm pursuant to Rule 11.8.5(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 Firm, 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 11.8.5(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.