(a) Upon receiving a declaration submitted pursuant to § 801.401 with respect to a pilot program covered transaction, the Committee may, at the discretion of the Committee:
(1) Request that the parties to the transaction file a written notice pursuant to subpart E;
(2) Inform the parties to the transaction that the Committee is not able to complete action under section 721 with respect to the transaction on the basis of the declaration and that the parties may file a written notice under part 800 to seek written notification from the Committee that the Committee has concluded all action under section 721 with respect to the transaction;
(3) Initiate a unilateral review of the transaction under § 801.504; or
(4) Notify the parties in writing that the Committee has concluded all action under section 721 with respect to the transaction.
(b) The Committee shall take action under paragraph (a) within the time period set forth in § 801.404(b).