(a) The Director, FinCEN, or his designee
may modify or rescind any ruling made pursuant to section 1010.715:
(1) When, in light of changes
in the statute or regulations, the ruling no longer sets forth the
interpretation of the Director, FinCEN 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 Director, FinCEN a written request
that an administrative ruling be modified or rescinded. The request
should conform to the requirements of section 1010.711, 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.
3-1706.61
(c)
FinCEN 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 Once rescinded,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(d) An administrative ruling may be modified or rescinded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 Director, FinCEN, 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
FinCEN 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.
