Approval to act as designated depository participant required; application routed through depository with fee and eligibility certification. Approval to act as a designated depository participant requires prior Board authorization. Applications must be made through a depository with which the applicant has an agreement, accompanied by the prescribed application fee. The depository must forward the application to the Board as early as possible and within thirty days of receipt, providing its recommendations and certifying that the applicant meets the regulatory eligibility criteria.