Before providing a financial market utility notice of a proposed determination under Sec. 1320.12, the Council shall provide the financial market utility with--
(a) Written notice that the Council is considering whether to make a proposed determination with respect to the financial market utility under Sec. 1320.13; and
(b) An opportunity to submit written materials to the Council, within such time as the Council determines to be appropriate, concerning--
(1) Whether the financial market utility is systemically important taking into consideration the factors set out in Sec. 1320.10; and
(2) Proposed changes by the financial market utility that could--
(i) Reduce or increase the inherent systemic risk the financial market utility poses and the need for designation under Sec. 1320.13; or
(ii) Reduce or increase the appropriateness of rescission under Sec. 1320.13.
(3) The Council shall consider any written materials timely submitted by the financial market utility under this section before making a proposed determination under section 1320.13.