‘‘(III) if the request is being filed 
by a corporation or a partnership, a 
corporate officer or a partner, as ap-
plicable; 
‘‘(C) may advocate a particular proposed 
interpretation and may set forth the legal and 
factual basis for that interpretation; and 
‘‘(D) shall advise immediately in writing of 
any subsequent change in any material fact or 
statement submitted with a request under this 
section. 
‘‘(2) WITHDRAWAL
OF
REQUEST.—A person 
may withdraw a request made under this section at 
any time before the ruling has been issued. 
‘‘(3) NONCONFORMING
REQUESTS.—The Sec-
retary shall notify a requester if the request does not 
conform with the requirements of paragraph (1). 
Such notice shall be in writing and shall describe the 
requirements that have not been met. A request that 
is not brought into conformity with such require-
ments within 30 days from the date of such notice, 
unless extended for good cause by the Secretary, 
shall be treated as though it were withdrawn. 
‘‘(c) RIGHT TO ORAL DISCUSSIONS.— 
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‘‘(1) IN GENERAL.—A person who has made a 
request in conformity with subsection (b)(1) may re-
quest an opportunity for oral discussion of the issues 
presented in the request, but— 
‘‘(A) personal conferences or telephone 
conferences may be scheduled only for the pur-
pose of affording the requester an opportunity 
to discuss freely and openly the matters set 
forth in the request; and 
‘‘(B) the conferees will not be bound by 
any argument or position advocated or agreed 
to, expressly or impliedly, during the con-
ference. 
‘‘(2) AT
THE
DISCRETION
OF
THE
SEC-
RETARY.—The request should be made to the Sec-
retary, and any decision to grant such a conference 
is wholly within the discretion of the Secretary. 
‘‘(3) TREATMENT
OF
NEW
ARGUMENTS
OR 
FACTS.—Any new arguments or facts put forth by 
the requester at the meeting must be reduced to 
writing by the requester and submitted in con-
formity with subsection (b)(1) before they may be 
considered in connection with the request. 
‘‘(d) ISSUING RULINGS.— 
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‘‘(1) IN GENERAL.—The Secretary shall, within 
120 days of receiving the request for a ruling under 
this section, issue a written ruling interpreting the 
relationship between the Bank Secrecy Act and each 
situation for which such a ruling has been requested 
under this section. 
‘‘(2) PUBLIC DISCLOSURE.—A ruling rendered 
pursuant to this section shall be placed in the public 
record 90 days after the requesting party has re-
ceived the ruling, subject to any limitations on public 
disclosure arising from statutory restrictions, regula-
tions, or the public interest. The Secretary shall re-
dact any personal, confidential, or identifying infor-
mation about the person or any other persons men-
tioned in the administrative ruling, unless the person 
consents to such disclosure. 
‘‘(3) PRECEDENTIAL VALUE OF RULINGS.—A 
ruling issued under this section shall bind the Sec-
retary and shall have precedential value, and hence 
may be relied upon by others similarly situated. 
‘‘(4) AVAILABILITY
OF
RULINGS.—The Sec-
retary shall make all such rulings available to any 
person upon written request specifically identifying 
the ruling sought. 
‘‘(e) MODIFYING OR RESCINDING RULINGS.— 
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‘‘(1) IN GENERAL.—The Secretary may modify 
or rescind any ruling made pursuant to this sec-
tion— 
‘‘(A) when, in light of changes in statute 
or regulations, the ruling no longer sets forth 
the interpretation of the Secretary with respect 
to the described situation; 
‘‘(B) when any fact or statement submitted 
in the original request is found to be materially 
inaccurate or incomplete; or 
‘‘(C) for other good cause. 
‘‘(2) REQUEST FOR MODIFICATION OR RESCIS-
SION.—Any person may submit to the Secretary a 
written request that a ruling be modified or re-
scinded. Such request— 
‘‘(A) should conform to the requirements 
of subsection (b), explain why rescission or 
modification is warranted, and refer to any rea-
sons in paragraph (1) that are relevant; and 
‘‘(B) may advocate an alternative interpre-
tation and may set forth the legal and factual 
basis for that interpretation. 
‘‘(3) MANNER
IN
WHICH
MODIFICATIONS
OR 
RESCISSIONS ARE MADE.—The Secretary shall mod-
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ify or rescind an existing ruling by issuing a new 
ruling that rescinds the relevant prior ruling. 
‘‘(4) RESCINDED RULINGS LOSE PRECEDENTIAL 
VALUE.—Once rescinded, a ruling shall no longer 
have any precedential value. 
‘‘(5) APPLICATION TO ORIGINAL PARTIES.—A 
ruling may be modified or rescinded retroactively 
with respect to one or more parties to the original 
ruling request if the Secretary determines that— 
‘‘(A) a fact or statement in the original re-
quest was materially inaccurate or incomplete; 
‘‘(B) the requestor failed to notify in writ-
ing the Secretary of a material change to any 
fact or statement in the original request; or 
‘‘(C) a party to the original request acted 
in bad faith when relying upon the ruling. 
‘‘(f) DISCLOSURE OF INFORMATION.— 
‘‘(1) IN GENERAL.—Any part of any ruling, in-
cluding names, addresses, or information related to 
the business transactions of private parties, may be 
disclosed pursuant to a request under section 552 of 
title 5, United States Code (commonly referred to as 
the ‘Freedom of Information Act’). 
‘‘(2) REQUEST
FOR
EXEMPTION.—If the re-
quest for a ruling contains information which the re-
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