Determinations.

CFR · 2024-01-01 · US · Title 5

(a) (b) (2) The attorney will 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 that will 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 10 business days of the recipient's actual receipt of the notice and summary. (c) (2) The Director may take one of the following actions upon finding a violation or violations of the trust restrictions: (i) Issue an order revoking trust certification or trustee 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 the Director issues an order of revocation, parties to the trust instrument will receive prompt written notification. The notice will state the basis for the revocation and will inform the parties of the consequence of the revocation, which will be either of the following: (i) The trust is no longer a qualified blind or qualified diversified trust for any purpose under Federal law; or (ii)

official document · source cfr-2024 · id 5:§ 2634.503