(A) A water quality management plan application shall be developed in accordance with this chapter.
(B) Any person proposing to modify water quality trading activities that are in an approved water quality trading management plan or any person that proposes to expand a watershed water quality trading area shall submit to the director a new water quality trading management plan application. The new water quality trading management plan application shall:
(1) Be submitted to the director at least six months prior to modifying any water quality trading activities or expanding a water quality trading area; and
(2) Be in accordance with this chapter.
(C) A water quality trading management plan renewal application shall be submitted to the director at least six months prior an approved water quality trading management plan's expiration date. A water quality trading management plan renewal application shall be in accordance with this chapter and shall also:
(1) Include an economic evaluation of the water quality trading activities, including the number and types of water quality trades, prices paid for any water quality credits, all administrative costs, and a determination of any net cost savings resulting from the water quality trading activities;
(2) Assess both the overall environmental and the economic effectiveness of all water quality trading activity; and
(3) If necessary, propose revisions or corrective measures .
(D) The director may waive or reduce the scope of the evaluation and assessment required under paragraphs (C)(1) and (C)(2) of this rule based on consideration of factors such as the number of trades that have occurred , the number of nonpoint source BMPs that have been implemented, the status of the BMPs and the overall participation level in a trading program.