; (B) the adequacy of insurance and fidelity coverage of the issuer with respect to errors and omissions; and (C) a requirement that the issuer submit audited financial statements to the Exchange, who shall make such statements publicly available through the Exchange’s Web site. (2) Application process (A) In general The Exchange shall establish an application process for the qualification of issuers, in such form and manner and requiring such information as the Exchange may prescribe, in accordance with standards adopted under paragraph (1). (B) Approval The Exchange shall approve any application made pursuant to subparagraph (A) unless the issuer does not meet the standards adopted under paragraph (1). (C) Publication The Agency shall publish a list of newly qualified issuers in the Federal Register and the Exchange shall maintain an updated list of qualified issuers on the Exchange’s Web site. (3) Review and revocation of qualified status (A) In General The Exchange may review the status of a qualified issuer if the Exchange is notified that a claim has been made against the issuer by a trustee with respect to a violation of a contractual term in a securitization document of the issuer. (B) Revocation (i) In general Subject to subparagraph (C), if the Exchange determines, subject to the approval of the Director, in a review pursuant to subparagraph (A), that an issuer no longer meets the standards for qualification, the Exchange shall revoke the issuer’s qualified status. (ii) Construction The revocation of an issuer’s qualified status under this subparagraph shall— (I) have no effect on the qualified status of any security issued before such revocation