Procedures for Recognition Sample Clauses

Procedures for Recognition. (a) Recognition by certification. A clearing organization that cleared for at least one nondormant contract within the meaning of § 5.4 of this chapter on January 1, 2000, will be recognized by the Commission as a recognized clearing organization upon receipt by the Commission at its Washington, DC, headquarters of a copy of the clearing organization’s rules and a certification by the clearing organization that it meets the conditions for recognition under this part. (b) Recognition by application. A clearing organization shall be recognized by the Commission as a recognized clearing organization sixty days after receipt by the Commission of an application for recognition unless notified otherwise during that period, if: (1) The application demonstrates that the applicant satisfies the conditions for recognition under this part; (2) The submission is labeled as being submitted pursuant to this part; (3) The submission includes a copy of the applicant’s rules and a brief explanation of how the rules satisfy each of the conditions for recognition under § 39.3 of this part; (4) The applicant does not amend or supplement the application for recognition, except as requested by the Commission or for correction of typographical errors, renumbering or other nonsubstantive revisions, during that period; and (5) The applicant has not instructed the Commission in writing during the review period to review the application pursuant to procedures under section 6 of the Act. (6) Attached to this part as Appendix A is guidance to applicants concerning how the core principles set forth above could be satisfied. (c) Termination of Part 39 Review. During the sixty-day period for review pursuant to paragraph (b) of this section, the Commission shall notify the applicant seeking recognition that the Commission is terminating review under this section and will review the proposal under the procedures of section 6 of the Act, if it appears that the application fails to meet the conditions for recognition under this part. This termination notification will state the nature of the issues raised and the specific condition of recognition that the application appears to violate, is contrary to or fails to meet. Within ten days of receipt of this termination notification, the applicant seeking recognition may request that the Commission render a decision whether to recognize the clearing organization or to institute a proceeding to disapprove the proposed submission under procedures s...