(a) An exemption does not take effect or protect parties in interest from liability with respect to the exemption transaction unless the material facts and representations contained in the application and in any materials and documents submitted in support of the application were true and complete.
(b) An exemption is effective only for the period of time specified and only under the conditions set forth in the exemption.
(c) Only the specific parties to whom an exemption grants relief may rely on the exemption. If the notice granting an exemption does not limit exemptive relief to specific parties, all parties to the exemption transaction may rely on the exemption.
29 C.F.R. § 2570.49 — Limits on the effect of exemptions. · CFR 2011 annual edition (revised as of 2011-07-01) · https://pensionresource.website/EAMain?content=EAMain.Law&id=cfr29-2570.49&asof=1991-09-30 · printed Oct 16, 2026