Article 15

Capital Requirements Directive (CRD) > TITLE III > CHAPTER 1 > Article 15
Article 15
Refusal of authorisation
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Where a competent authority refuses authorisation to commence the activity of a credit institution, it shall notify the applicant of the decision and the reasons therefor withinsix months of receipt of the application or, where the application is incomplete, within six months of receipt of the complete information required for the decision.

A decision to grant or refuse authorisation shall, in any event, be taken within 12 months of the receipt of the application.