(a) Notice of bankruptcy.

1. (1) If the IOTA participant has filed a bankruptcy petition, whether voluntary or involuntary, the IOTA participant must provide written notice of the bankruptcy to CMS and to the U.S. Attorney's Office in the district where the bankruptcy was filed, unless final payment has been made by either CMS or the IOTA participant under the terms of each model tested under section 1115A of the Act in which the IOTA participant is participating or has participated and all administrative or judicial review proceedings relating to any payments under such models have been fully and finally resolved.

2. (2) The notice of bankruptcy must meet all of the following:

   1. (i) Be sent by certified mail no later than 5 days after the petition has been filed.

   2. (ii) Contain—

      1. (A) A copy of the filed bankruptcy petition (including its docket number); and
      2. (B) A list of all models tested under section 1115A of the Act in which the IOTA participant is participating or has participated.

(b) Change in control.

1. (1) The IOTA participant must provide written notice to CMS at least 90 days before the effective date of any change in control.
2. (2) CMS may terminate an IOTA participant from the IOTA Model under § 512.466 if the IOTA participant undergoes a change in control.

(c) Prohibition on assignment.

1. (1) Unless CMS provides prior written consent, an IOTA participant must not transfer, including by merger (whether the IOTA participant is the surviving or disappearing entity), consolidation, dissolution, or otherwise any—

   1. (i) Discretion granted it under the model;
   2. (ii) Right that it has to satisfy a condition under the model;
   3. (iii) Remedy that it has under the model; or
   4. (iv) Obligation imposed on it under the model.
2. (2) The IOTA participant must provide CMS 90 days advance written notice of any such proposed transfer.
3. (3) This obligation remains in effect after the expiration or termination of the model, or the IOTA participant's participation in the model, and until final payment by the IOTA participant under the model has been made.
4. (4) CMS may condition its consent to such transfer on full or partial reconciliation of upside risk payments and downside risk payments.
5. (5) Any purported transfer in violation of this requirement is voidable at the discretion of CMS.