15 C.F.R. § 970.401 Financial responsibility.
Title 15 - Commerce and Foreign Trade
(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.
Title 15: Commerce and Foreign Trade
PART 970—DEEP SEABED MINING REGULATIONS FOR EXPLORATION LICENSES
Subpart D—Certification of Applications
§ 970.401 Financial responsibility.
