If the Department tentatively decides, based on all the information
submitted by an applicant, that the exemption should be granted, it will
publish a notice of proposed exemption in the Federal Register. The
notice will:
(a) Explain the exemption transaction and summarize the information
received by the Department in support of the exemption;
(b) Specify any conditions under which the exemption is proposed;
(c) Inform interested persons of their right to submit comments in
writing to the Department relating to the proposed exemption and
establish a deadline for receipt of such comments;
(d) If the proposed exemption includes relief from the prohibitions
of section 406(b) of ERISA, section 4975(c)(1)(E) or (F) of the Code, or
section 8477(c)(2) of FERSA, inform interested persons of their right to
request a hearing under Sec. 2570.46 of this part and establish a
deadline for receipt of requests for such hearings.
