(a) The Commission hereby delegates, until such time as the Commission orders otherwise, to the Director of the Division of Clearing and Risk and to the Director of the Market Participants Division and to such members of the Commission's staff acting under their direction as they may designate, the authority to grant registrations and renewals thereof.

(b) The Director of the Division of Clearing and Risk and the Director of the Market Participants Division may submit any matter which has been delegated to them under paragraph (a) of this section to the Commission for its consideration.

(c) Nothing in this section may prohibit the Commission, at its election, from exercising the authority delegated to the Director of the Division of Clearing and Risk and to the Director of the Market Participants Division under paragraph (a) of this section.