Prior exemptions may not reflect current policies or procedures. The Department, for example, may require terms and conditions that were not required in prior exemptions. Persons considering filing for an exemption or EXPRO authorization may find it very helpful to discuss the facts or issues in their cases with the Department before preparing the filing. The Department welcomes all inquiries and is available to answer any questions you may have. Call us at 202-693-8540.
Grant Notices
PTE 2021-01; D-12018
G: 86 FR 20410 (4/19/21)
P: 86 FR 9376 (02/12/21)
DWS Investment Management Americas, Inc. (DIMA) and Certain Current and Future Asset Management Affiliates of Deutsche Bank AG (Each a DB QPAM)
Permits certain qualified professional asset managers within the corporate family of Deutsche Bank AG, including DIMA and certain current and future DB QPAMs, to continue to rely upon relief provided by Prohibited Transaction Exemption 84-14 (the QPAM Class Exemption), for up to three years, beginning on April 18, 2021, notwithstanding the 2017 criminal conviction of DB Group Services (UK) Limited.
PTE 2021-02; D-12030
G: 86 FR 28896 (05/28/21)
P: 86 FR 131 (01/04/21)
The Goldman Sachs Group, Inc. (Goldman Sachs)
Permits certain qualified professional asset managers that are within the corporate family of Goldman Sachs (the Goldman Sachs Affiliated QPAMs and the Goldman Sachs Related QPAMs), as defined in the exemption, to continue to rely upon relief provided by Prohibited Transaction Exemption 84-14 for a period of up to five years, notwithstanding the judgment of conviction against Goldman Sachs (Malaysia) Sdn. Bhd. (Goldman Sachs Malaysia), an indirect, wholly owned subsidiary of Goldman Sachs, for conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act of 1977. This exemption is effective for a period of five years beginning on the date a judgment of conviction against Goldman Sachs Malaysia Sdn. Bhd., in Cr. No. 20-438 (MKB), is entered in the United States District Court for the Eastern District of New York.
PTE 2021-03; L-12000 & L-12001
G: 86 FR 34054 (06/28/21)
P: 86 FR 15258 (03/22/21)
Electrical Insurance Trustees Insurance Fund (the EIT Fund) and the Electrical Joint Apprenticeship and Training Trust (the EJAT Trust; together, the Plans)
Permits: (a) the sale by the EJAT Trust of 5.11 acres of unimproved real property (the Property) to the EIT Fund, a party in interest with respect to the EJAT Trust; and (b) the EIT Fund’s granting of a right of first offer to the EJAT Trust, for the purchase back of the Property by the EJAT Trust from the EIT Fund.
Proposed Exemptions
D-11955
Morgan Stanley & Co. LLC, and Its Current and Future Affiliates and Subsidiaries (Morgan Stanley or the Applicant)
If granted, certain restrictions of ERISA Sections 406(a) and 406(b), and certain sanctions resulting from the application of the Internal Revenue Code of 1986, as amended (the Code) Section 4975, shall not apply to transactions involving Morgan Stanley and Mitsubishi UFJ Financial Group, Inc., together with its affiliates, that are modeled after the following class exemptions: Prohibited Transaction Exemption (PTE) 75-1, Part III and Part IV, PTE 77-3, PTE 77-4, PTE 79-13, PTE 86-128, and PTE 2002-12.
D-12002
Withdrawal Notice: 87 FR 3588 (01/24/22)
Retirement System of the American National Red Cross (the Red Cross)
If granted, this proposed exemption would permit the Red Cross to contribute nine condominiums to the Retirement System of the American National Red Cross (the Plan) and permit the assignment of certain rights and obligations from the Red Cross to the Plan in connection with the Contribution. Subsequent to the publication of the proposed exemption in the Federal Register, the Red Cross informed the Department that the Red Cross had decided not to pursue the requested exemption, due to changed circumstances.
D-11963
J.P. Morgan Securities LLC, J.P. Morgan Investment Management Inc., J.P. Morgan Securities, and Chase Wealth Management (Collectively, the Applicants)
If granted, this proposed exemption would permit, effective December 14, 2010, until September 16, 2013, certain principal trades involving JPMS, JPMIM, JPMS Brokerage, and CWM (collectively, the Applicants), and certain of their client plans that are subject to Code Section 4975 but are not covered by Title I of ERISA (the Non-ERISA Plan Clients). The principal transactions resulted in the Non-ERISA Plan Clients purchasing or selling securities from or to the Applicants.
L-12008
Phillips 66 Company (Phillips 66)
If granted, this proposed exemption would permit the reinsurance of risks and the receipt of premiums therefrom by Spirit Insurance Company, an affiliate of Phillips 66, in connection with insurance contracts sold by Zurich Life Insurance Company, or any successor fronting insurer meeting the requirements of this proposed exemption, to provide life insurance, travel assistance, occupational accidental death, and accidental death and dismemberment benefits to participants in the Phillips 66 Group Life Insurance Plan (the Plan) provided certain conditions are met. If the proposed exemption is granted, plan participants would receive certain enhanced Plan benefits.
L-12021
Comcast Corporation (Comcast)
If granted, this proposed exemption would permit the reinsurance of risks and the receipt of premiums therefrom by One Belmont Insurance Company, an affiliate of Comcast, in connection with insurance contracts sold by Prudential Insurance Company, or any successor fronting insurer meeting the requirements of this proposed exemption, to provide group term life insurance benefits to participants in the life insurance component of the Comcast Corporation Comprehensive Health and Welfare Benefit Plan provided certain conditions are met. If the proposed exemption is granted, plan participants would receive a reduction in their portion of their dental premiums.
D-12003
Mitsubishi UJF Trust and Banking Corporation (Mitsubishi)
If granted, this proposed exemption would permit Mitsubishi, a foreign banking corporation organized under the laws of Japan, and its affiliate, MUFG Alternative Fund Services (Cayman) Limited, (together referred to as, “MUTB”), to engage in certain transactions with employee benefit plans that are subject to ERISA and the Code, in connection with MUTB’s arrangement and syndication of revolving lines of credit to certain investment funds, which are secured by the capital commitments of the funds’ investors.