[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR2570.50]

[Page 540]
 
                             TITLE 29--LABOR
 
CHAPTER XXV--PENSION AND WELFARE BENEFITS ADMINISTRATION, DEPARTMENT OF 
                                  LABOR
 
PART 2570--PROCEDURAL REGULATIONS UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT--Table of Contents
 
 Subpart B--Procedures for Filing and Processing Prohibited Transaction 
                         Exemption Applications
 
Sec. 2570.50  Revocation or modification of exemptions.

    (a) If, after an exemption takes effect, changes in circumstances, 
including changes in law or policy, occur which call into question the 
continuing validity of the Department's original conclusions concerning 
the exemption, the Department may take steps to revoke or modify the 
exemption.
    (b) Before revoking or modifying an exemption, the Department will 
publish a notice of its proposed action in the Federal Register and 
provide interested persons with an opportunity to comment on the 
proposed revocation or modification. In addition, the Department will 
give the applicant at least 30 days notice in writing of the proposed 
revocation or modification and the reasons therefor and will provide the 
applicant with the opportunity to comment on the revocation or 
modification.
    (c) Ordinarily the revocation or modification of an exemption will 
have prospective effect only.