Use of an OS License - Contribution

[Alvin Borromeo]

This may be (or not) a basic question.  Let's say I have software that
I want to release using an open source license.  And for argument's
sake, let's say I select the Eclipse Public License for release.  Can
I just slap the EPL onto my program and release, or would I have to
get "approval" from the Eclipse Foundation.  Assuming that I don't
need approval, what would be the benefit of releasing the program
without going through the Eclipse Foundation?