Section 9
of Securities Markets Order, 2013
Section 9
(1)
If the Authority decides to approve of the person having the control to which the notice relates, it must notify that person of its approval of the acquisition in writing without delay.
(2)
If the Authority fails to comply with section 8(1L it is to be treated as having given its approval and notified the person concerned at the end of the period fixed by that subsection.
(3)
The Authority's approval remains effective only if the person to whom it relates acquires the control in question
(a)
before the end of such period as may be specified in the notice; or
{b)
if no period is specified, before the end of the period of 12 months beginning with the date -
(i)
of the notice of approval;
(ii)
on which the Authority is treated as having given approval under subsection (2); or
(iii)
of a decision on a reference to the Panel which results in the person concerned receiving approval.
1242
Conditions attached to approval.