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Divisional applications can be filed at any time the parent European application is still pending. An application is pending up to (but not including) the date the European Patent Bulletin mentions the grant of the European patent, or the date the application is refused, withdrawn or deemed withdrawn. It is also the case that an application is pending if a notice of appeal is filed against a decision to refuse and therefore a divisional application can be filed while the appeal proceedings are pending.
A decision as to whether or not to file a divisional application can be left to very late in the procedure. Usually the EPO issues a communication informing the applicant of the date on which the Bulletin will mention grant of the European patent and thus the applicant will know in advance the deadline for filing a divisional application. However, the communication requires no action on the part of the applicant so it would be safer to treat the deadline for payment of the grant and printing fees as the deadline for filing divisional applications.