As stated in Section CA-14.1, conventional bank licensees which propose to use internal models for the calculation of their market risk capital requirements must submit their detailed proposals, in writing, to the CBB. The CBB will review these proposals, and upon ensuring that the conventional bank licensee's internal models meet all the criteria for recognition set out earlier in this Chapter, and after satisfying itself with the results of validation procedures carried out by the internal and external auditors and/or by itself, will issue a letter of model recognition to the conventional bank licensees.