; authority To revise standards (1) Timing The Director shall issue any regulations required by this section not later than the end of the 12-month period beginning on the date of the enactment of this Act. The Exchange shall issue any definitions, standards, rules, processes, or procedures required by this section not later than the end of the 12-month period beginning on the date of the establishment of the Exchange. (2) Agency review Any definition, standard, rule, process or procedure established by the Exchange shall be submitted to the Director for review and approval prior to its implementation if, in the Director’s discretion, the Director requires such submission. Any definition, standard, rule, process or procedure that the Director requires be submitted to the Agency for review and approval shall be reviewed within three months of submission. (3) Authority to revise (A) In general The Exchange may review, revise, and, if revised, re-publish any standard form securitization agreement or other definition, standard, rule, process, or procedure required to be developed by this subtitle if the Exchange determines review or revision to be necessary or appropriate to satisfy the goals of this subtitle. (B) Application of revisions Any revisions made pursuant to subparagraph (A) shall apply only to securitizations made after the date of such revision. (n) Effect of Conflict In the event a definition, standard, rule, process, or procedure established by the Exchange is in conflict with any definition, standard, rule, process, or procedure established by another Federal department or agency, the Director shall consult with the other Federal department or agency, and provide prompt written notification to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, of the conflict. (o) Public Involvement In developing definitions, standards, rules, processes, and procedures required by this subtitle, the Exchange shall work with market