[Code of Federal Regulations]
[Title 12, Volume 4]
[Revised as of January 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR308.605]

[Page 131-132]
 
                       TITLE 12--BANKS AND BANKING
 
           CHAPTER III--FEDERAL DEPOSIT INSURANCE CORPORATION
 
PART 308_RULES OF PRACTICE AND PROCEDURE--Table of Contents
 
    Subpart U_Removal, Suspension, and Debarment of Accountants From 
                        Performing Audit Services
 
Sec. 308.605  Application for reinstatement.

    (a) Form of petition. Unless otherwise ordered by the Board of 
Directors, an application for reinstatement by an independent public 
accountant, an accounting firm, or an office of a firm that was removed, 
suspended, or debarred under Sec. 308.602 may be made in writing at any 
time. The application must comply with the requirements of Sec. 303.3 
of this chapter.
    (b) Procedure. An applicant for reinstatement under this section 
may, in the sole discretion of the Board of Directors, be afforded a 
hearing. In reinstatement proceedings, the person seeking reinstatement 
shall bear the burden of going forward with an application and proving 
the grounds asserted in support of the application, and the Board of 
Directors may, in its

[[Page 132]]

sole discretion, direct that any reinstatement proceeding be limited to 
written submissions. The removal, suspension, or debarment shall 
continue until the Board of Directors, for good cause shown, has 
reinstated the applicant or until the suspension period has expired. The 
filing of an application for reinstatement will not stay the 
effectiveness of the removal, suspension, or debarment of an accountant 
or firm.