(a) During the pendency of his exemption application, an applicant
must promptly notify the Division of Exemptions in writing if he
discovers that any material fact or representation contained in his
application or in any documents or testimony provided in support of the
application is inaccurate, if any such fact or representation changes
during this period, or if, during the pendency of the application,
anything occurs that may affect the continuing accuracy of any such fact
or representation.
(b) If, at any time during the pendency of his exemption
application, an applicant or any other party in interest who would
participate in the exemption transaction becomes the subject of an
investigation or enforcement action by the Department, the Internal
Revenue Service, the Justice Department, the Pension Benefit Guaranty
Corporation, or the Federal Retirement Thrift Investment Board involving
compliance with provisions of ERISA, provisions of the Code relating to
employee benefit plans, or provisions of FERSA relating to the Federal
Thrift
Savings Fund, the applicant must promptly notify the Division of
Exemptions.
(c) The Department may require an applicant to provide documentation
it considers necessary to verify any statements contained in the
application or in supporting materials or documents.
