§ 556.802 - When may BOEM disapprove the transfer of all or part of my operating rights interest?

§ 556.802 When would may BOEM disapprove the assignment transfer of all or part of my operating rights interest?

Cross Reference

Link to an amendment published at 89 FR 31593, Apr. 24, 2024.

Cross Reference

Link to an amendment published at 89 FR 47081, May 31, 2024.

BOEM may disapprove an assignment BOEM may disapprove a transfer of all or part of your operating rights interest:

(a) When the transferor or transferee is not in compliance with all applicable regulations and orders, including financial assurance requirements;

(b) When a transferor attempts a transfer that is not acceptable as to form or content (e.g., not on standard form, containing incorrect legal description, not executed in accordance with corporate governance, transferee does not meet the requirements of § 556.401); or

§ 556.802 When may BOEM disapprove the transfer of all or part of my operating rights interest?

BOEM may disapprove a transfer of all or part of your operating rights interest:

(a) When the transferor or transferee

has outstanding or unsatisfied obligations under this chapter or 30 CFR chapter II or XII

is not in compliance with all applicable regulations and orders, including financial assurance requirements;

(b) When a transferor attempts a transfer that is not acceptable as to form or content (e.g., not on standard form, containing incorrect legal description, not executed in accordance with corporate governance, transferee does not meet the requirements of § 556.401

, etc.

); or

(c) When the transfer does not conform to these regulations, or any other applicable laws or regulations (e.g., departmental debarment rules).

[81 FR 18152, Mar. 30, 2016, as amended at 89 FR 31593, Apr. 24, 2024