Sec. 3.21  Order of consideration.

    (a) Accounting Authority applications will be processed on a first-
come, first-served basis. When applications are received on the same 
day, the application with the earliest mailing date, as evidenced by the 
postmark, will be processed first. Interim accounting authorities 
seeking permanent certifications through the ``grandfathering'' process 
will not compete with other applicants during the first 60 days 
following the effective date of these rules which is allowed for 
submission of their applications. After the ``grandfathering'' process 
is completed, all other applicants will be processed as in paragraph (a) 
of this section.
    (b) At any given time, there will be no more than 25 certified 
accounting authorities with a minimum of 15 ``US'' AAICs reserved for 
use by accounting authorities conducting settlement operations within 
the United States. The

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Commission will retain all valid applications received after the maximum 
number of accounting authorities have been approved and will inform such 
applicants that should an AAIC become available for reassignment in the 
future, the Commission will conditionally certify as an accounting 
authority the oldest of the qualified pending applicants, as determined 
by the order of receipt. Final certification would be conditional upon 
filing of an amended application (if necessary). The Commission will 
inform the applicant of his/her conditional selection in writing to 
confirm the applicant's continued interest in becoming an accounting 
authority.