[Code of Federal Regulations]
[Title 15, Volume 3]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 15CFR970.401]

[Page 325]
 
                  TITLE 15--COMMERCE AND FOREIGN TRADE
 
CHAPTER IX--NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, DEPARTMENT 
                               OF COMMERCE
 
PART 970_DEEP SEABED MINING REGULATIONS FOR EXPLORATION LICENSES--Table of 
Contents
 
                 Subpart D_Certification of Applications
 
Sec. 970.401  Financial responsibility.

    (a) Before the Administrator may certify an application for an 
exploration license he must find that the applicant has demonstrated 
that, upon issuance or transfer of the license, the applicant will be 
financially responsible to meet all obligations which he may require to 
engage in the exploration proposed in the application.
    (b) In order for the Administrator to make this determination, the 
applicant must show to the Administrator's satisfaction that he is 
reasonably capable of committing or raising sufficient resources to 
carry out, in accordance with the provisions contained in this part, the 
exploration program set forth in his exploration plan.