The committee has 30 days to approve or deny a certification
What the document says“approve such certification if the Committee unanimously determines that the State-level regulatory regime meets or exceeds the standards and requirements described in subsection (a)”
Subsection (c)(5). The committee acts within 30 days of a certification or recertification. Approval requires a unanimous determination that the regime meets or exceeds the standards in subsection (a). A denial must come with a written explanation describing the reasoned basis in enough detail for the State to make the changes needed. A recertification may be denied only where the regime has materially changed or circumstances have significantly changed, and that change means the regime will not promote the safe and sound operation of the issuers under its supervision. A State gets at least 180 days to cure and resubmit.
What the document actually says“approve such certification if the Committee unanimously determines that the State-level regulatory regime meets or exceeds the standards and requirements described in subsection (a)”
The panel says yes if all three members agree. They must find the state rules meet the federal ones. The rules may also go further.
The panel has 30 days to decide. A no must come with reasons in writing. The state then gets at least 180 days to fix things.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.