Settlement proceedings before internal committee determine if alleged defaults can be settled and propose terms for advisory review.

Regulation 12 directs that settlement applications be referred to an internal committee to determine whether proceedings may be settled and to frame settlement terms. The internal committee may call for relevant information and documents, request the applicant's personal appearance (or allow a duly authorized representative), and permit the applicant to revise settlement terms within ten working days of the meeting. Proposed settlement terms must be placed before the high powered advisory committee.

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