GENE 8.2.7 When approved proposal lapses

(1) A proposal for a person to first become a controller or to increase or decrease control that has been approved (with or without condition) must be acted on by the person:
(a) by the date specified by the Regulatory Authority in its approval; or
(b) if there is no date specified — within 6 months after the date of the approval.
(2) The approval lapses if the person does not become a controller or does not increase or decrease control by that date or period, unless the Regulatory Authority gives an extension in writing.
Inserted by QFCRA RM/2014-1 (as from 1st February 2014).