31 C.F.R. § 103.86 Modifying or rescinding rulings.
Title 31 - Money and Finance: Treasury
(a) The Assistant Secretary (Enforcement), or his designee may modify or rescind any ruling made pursuant to §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may submit to the Assistant Secretary (Enforcement) a written request that an administrative ruling be modified or rescinded.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 §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 Once rescinded, an administrative ruling shall no longer have any precedential value. (d) An administrative ruling may be modified or rescinded retroactively with respect to one or more parties to the original ruling request if the Assistant Secretary determines that: (1) A fact or statement in the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. [52 FR 23979, June 26, 1987. Redesignated and amended at 64 FR 45451, 45453, Aug. 20, 1999]
Title 31: Money and Finance: Treasury
PART 103—FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS
Subpart G—Administrative Rulings
§ 103.86 Modifying or rescinding rulings.
