---
kind: "section"
citation: "31 C.F.R. § 1010.716"
title: "31"
number: "1010.716"
heading: "Modifying or rescinding rulings."
url: "https://uscodex.org/cfr/31/1010.716"
---

# §1010.716. Modifying or rescinding rulings.

- (a) The Director, FinCEN, or his designee may modify or rescind any ruling made pursuant to [§ 1010.715](/cfr/31/1010.715.md):
  - (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- (b) Any person may submit to the Director, FinCEN a written request that an administrative ruling be modified or rescinded.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 [§ 1010.711](/cfr/31/1010.711.md), explain why rescission or modification is warranted, and refer to any reasons in [paragraph (a)](#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) 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 Once rescinded, an administrative ruling shall no longer have any precedential value.
- (d) An administrative ruling may be modified or rescinded retroactively with respect to one or more parties to the original ruling request if the Director, FinCEN, determines that: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.**

## Notes

### Authority

Authority: 12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5314, 5316-5336; title III, sec. 314 Pub. L. 107-56, 115 Stat. 307; sec. 2006, Pub. L. 114-41, 129 Stat. 457; sec. 701 Pub. L. 114-74, 129 Stat. 599; sec. 6403, Pub. L. 116-283, 134 Stat. 3388.

### Source

Source: 75 FR 65812, Oct. 26, 2010, unless otherwise noted.