[Code of Federal Regulations]
[Title 5, Volume 3]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR2634.503]

[Page 532]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
                CHAPTER XVI--OFFICE OF GOVERNMENT ETHICS
 
PART 2634_EXECUTIVE BRANCH FINANCIAL DISCLOSURE, QUALIFIED TRUSTS, AND 
 
    Subpart E_Revocation of Trust Certificates and Trustee Approvals
 
Sec. 2634.503  Determinations.

    (a) Where the Senior Attorney concludes that violations or apparent 
violations of the trust restrictions exist and may warrant revocation of 
trust certification or trustee approval previously granted under Sec. 
2634.405 or Sec. 2634.406 of this subpart, the Senior Attorney may, 
pursuant to the procedure specified in paragraph (b) of this section, 
conduct a review of the matter, and may submit findings and a 
recommendation concerning final action to the Director of the Office of 
Government Ethics.
    (b) Review procedure. (1) In his review of the matter, the Senior 
Attorney shall perform such examination and analysis of violations or 
apparent violations as he deems reasonable.
    (2) The Senior Attorney shall provide an independent trustee and, if 
appropriate, the interested parties, with:
    (i) Notice that revocation of trust certification or trustee 
approval is under consideration pursuant to the procedures in this 
subpart;
    (ii) A summary of the violation or apparent violations which shall 
state the preliminary facts and circumstances of the transactions or 
occurrences involved with sufficient particularity to permit the 
recipients to determine the nature of the allegations; and
    (iii) Notice that the recipients may present evidence and submit 
statements on any matter in issue within ten business days of the 
recipient's actual receipt of the notice and summary.
    (c) Determination. (1) In making determinations with respect to the 
violations or apparent violations under this section, the Director of 
the Office of Government Ethics shall consider the findings and 
recommendations of final action submitted by the Senior Attorney under 
paragraph (a) of this section, as well as the written record of review 
compiled under paragraph (b) of this section.
    (2) If the Director finds a violation or violations of the trust 
restrictions he may, as he deems appropriate:
    (i) Issue an order revoking trust certification or trust approval;
    (ii) Resolve the matter through any other remedial action within the 
Director's authority;
    (iii) Order further examination and analysis of the violation or 
apparent violation; or
    (iv) Decline to take further action.
    (3) If an order of revocation is issued, the parties to the trust 
instrument shall be expeditiously notified in writing. The notice shall 
state the basis for the revocation, and shall inform the parties either 
that the trust is no longer a qualified blind or qualified diversified 
trust for any purpose under Federal law; or that the independent trustee 
may no longer serve the trust in any capacity, and must be replaced by a 
successor, who is subject to the prior written approval of the Director; 
or both where appropriate.