Section 264a.4 - When do these special restrictions become effective and may they be waived?The post-employment restrictions set forth in section 10(k) of the FDI Act and § 264a.3 do not apply to any officer or employee of the Federal Reserve, or any former officer or employee of the Federal Reserve, if-
(a) The individual ceased to be an officer or employee of the Federal Reserve before December 17, 2005; or(b) The Chairman of the Board of Governors certifies, in writing and on a case-by-case basis, that granting the individual a waiver of the restrictions would not affect the integrity of the Federal Reserve's supervisory program.