Appendix C to Part 5 - Internal Procedure Regarding Period for Response By Exchanges

(a) Response Period. The failure of an exchange to provide a substantially complete, substantive response within one year from the date of a written Commission notice of the material incompleteness of an application for contract market designation, or to supplement such an application within one year from the date of a voluntary agreement to do so, will be deemed to constitute the withdrawal of such an application. Such a withdrawal results in forfeiture of the designation application fee and terminates the Commission's statutory review period for that application. The applicable fee for designation applications will be waived for a period of one year from the date of the application's withdrawal where the withdrawn designation application, or a substantially identical application, is refiled within that period. A refiled designation application will be treated as a new application in all other respects.

(b) Pending Applications. For all applications pending on the effective date of this procedure, requests for a further stay of the tolling period must be made by the governing board of the exchange within forty-five days prior to the expiration of a year from the date of the stay. Provided however, That in no event shall such a request be required before April 14, 1987. Such requests for a further stay should affirm the exchange's intention to complete the designation applications for which the stay is being requested. Such requests should be sent to the attention of the Office of the Secretariat, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581. Those pending applications for which no such request is received will be subject to the procedures contained in paragraph (a) of this appendix.