[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR2570.45]

[Page 562-563]
 
                             TITLE 29--LABOR
 
 CHAPTER XXV--EMPLOYEE BENEFITS SECURITY 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. 2570.45  Requests for reconsideration.

    (a) The Department will entertain one request for reconsideration of 
an exemption application that has been finally denied pursuant to Sec. 
2570.41 (a)(2) or (a)(3) of this part if the applicant presents in 
support of the application significant new facts or arguments, which, 
for good reason, could not have been submitted for the Department's 
consideration during its initial review of the exemption application.
    (b) A request for reconsideration of a previously denied application 
must be made within 180 days after the issuance of the final denial 
letter and must be accompanied by a copy of the Department's final 
letter denying the exemption and a statement setting forth the new 
information and/or arguments that provide the basis for reconsideration.
    (c) A request for reconsideration must also be accompanied by a 
declaration under penalty of perjury attesting to the truth of the new 
information provided, which is signed by a person qualified under Sec. 
2570.34(b)(5) of these procedures to sign such a declaration.
    (d) If, after reviewing a request for reconsideration, the 
Department decides that the facts and arguments presented do not warrant 
reversal of its

[[Page 563]]

original decision to deny the exemption, it will send a letter to the 
applicant reaffirming that decision.
    (e) If, after reviewing a request for reconsideration, the 
Department decides, based on the new facts and arguments submitted, to 
reconsider its denial letter, it will notify the applicant of its intent 
to reconsider the application in light of the new information presented. 
The Department will then take whatever steps remained at the time it 
issued its final denial letter to process the exemption application.
    (f) If, at any point during its subsequent processing of the 
application, the Department decides again that the exemption is 
unwarranted, it will issue a letter affirming its final denial.