15Extension of certain periods relating to applications determined by regulator

15 Extension of certain periods relating to applications determined by regulator

(1)  If this Act requires the regulator to determine an application within a specific period and the regulator has requested further information in respect of the application, the specified period is exclusive of any time between –

(a) the regulator requesting the information; and

(b) the regulator receiving all of the requested information.

(2)  If this Act requires the regulator to determine an application within a specific period, the regulator may, by notice in writing to the applicant, extend the specified period for such further period as is specified in the notice.