[Code of Federal Regulations]
[Title 31, Volume 1]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR103.86]

[Page 434]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
                       DEPARTMENT OF THE TREASURY
 
PART 103_FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND 
FOREIGN TRANSACTIONS--Table of Contents
 
                    Subpart G_Administrative Rulings
 
Sec.  103.86  Modifying or rescinding rulings.

    (a) The Assistant Secretary (Enforcement), or his designee may 
modify or rescind any ruling made pursuant to Sec.  103.85:
    (1) When, in light of changes in the statute or regulations, the 
ruling no longer sets forth the interpretation of the Assistant 
Secretary (Enforcement) with respect to the described situation,
    (2) When any fact or statement submitted in the original ruling 
request is found to be materially inaccurate or incomplete, or
    (3) For other good cause.
    (b) Any person may submit to the Assistant Secretary (Enforcement) a 
written request that an administrative ruling be modified or rescinded. 
The request should conform to the requirements of Sec.  103.81, explain 
why rescission or modification is warranted, and refer to any reasons in 
paragraph (a) of this section that are relevant. The request may 
advocate an alternative interpretation and may set forth the legal and 
factual basis for that interpretation.
    (c) Treasury shall modify an existing administrative ruling by 
issuing a new ruling that rescinds the relevant prior ruling. Once 
rescinded, an administrative ruling shall no longer have any 
precedential value.
    (d) An administrative ruling may be modified or rescinded 
retroactively with respect to one or more parties to the original ruling 
request if the Assistant Secretary determines that:
    (1) A fact or statement in the original ruling request was 
materially inaccurate or incomplete,
    (2) The requestor failed to notify in writing the Office of 
Enforcement of a material change to any fact or statement in the 
original request, or
    (3) A party to the original request acted in bad faith when relying 
upon the ruling.

(Approved by the Office of Management and Budget under control number 
1505-0105)

[52 FR 23979, June 26, 1987. Redesignated and amended at 64 FR 45451, 
45453, Aug. 20, 1999]