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 2024-01; D-12096
G: 89 FR 20493 (03/22/24)
P: 88 FR 88115 (12/20/23)
TT International Asset Management Ltd (TTI)
This exemption permits TTI to continue to rely on the exemptive relief provided by Prohibited Transaction Class Exemption 84-14, notwithstanding the judgment of conviction against SMBC Nikko Securities, Inc. (Nikko Tokyo) in Tokyo District Court for attempting to peg, fix or stabilize the prices of certain Japanese equity securities that Nikko Tokyo was attempting to place in a block offering that occurred on February 13, 2023. This exemption is effective for a period of five years beginning on February 13, 2024, and ending on February 12, 2029.
PTE 2024-02; D-12090
G: 89 FR 27789 (04/18/24)
P: 89 FR 13091 (02/21/24)
DWS Investment Management Americas, Inc. (DIMA) and Certain Current and Future Asset Management Affiliates of Deutsche Bank AG (Deutsche Bank)
This exemption permits certain qualified professional asset managers within the corporate family of Deutsche Bank, including DIMA, and certain current and future affiliates of Deutsche Bank (each a DB QPAM, as defined in the exemption), to continue to rely on the class exemptive relief granted in Prohibited Transaction Exemption 84–14, notwithstanding the 2017 criminal conviction of DB Group Services (UK) Limited, an affiliate of Deutsche Bank.
PTE 2024-03; L-11989
G: 89 FR 56409 (07/09/24)
P: 88 FR 38896 (06/14/23)
Notice of Comment Period Extension: 88 FR 45449 (07/13/23)
Association of Washington Business (AWB) HealthChoice Employee Benefits Trust
This exemption permits the trustee of a plan funded by the AWB HealthChoice Employee Benefits Trust (the Arrangement) to hire entities affiliated with AWB to provide services to the Arrangement for a fee, subject to conditions designed to safeguard the interests of the plan and its participants and beneficiaries.
PTE 2024-04; L-11954
G: 89 FR 93353 (11/26/24)
P: 88 FR 76253 (11/06/23)
Fedeli Group Inc. Employee Benefits Plan (the Plan)
This exemption permits the reinsurance of risks and the receipt of premiums therefrom by Risk Specialists LLC, in connection with insurance contracts sold by THP Insurance Company, Inc. (THP) or any successor insurance company to THP, which is unrelated to the Fedeli Group, Inc. (Fedeli Group), including any entity related to Fedeli Group to provide medical and hospital coverage to participants in the Plan.
Proposed Exemptions
D-12098
P: 89 FR 49213 (06/11/24)
Notice of Comment Period Extension:89 FR 58189 (07/17/24)
UBS AG (UBS)
The Department previously issued an individual prohibited transaction exemption (PTE) 2023-14 that allowed certain asset managers related to UBS and Credit Suisse Group AG (CSAG) to continue to rely on the exemptive relief provided by PTE 84-14 for one year following UBS’ acquisition of CSAG. If granted, this proposed exemption would permit current and future asset managers under the UBS corporate umbrella to continue to rely on PTE 84-14 from June 12, 2024, to June 11, 2029, notwithstanding the five judgments of conviction involving entities within the UBS and CSAG corporate umbrellas.
D-12073
Memorial Sloan Kettering Cancer Center (MSKCC)
If granted, this proposed exemption would permit the reinsurance of risks and the receipt of a premium by MSK Insurance US, Inc., a captive insurance and reinsurance subsidiary that is wholly owned by MSKCC, in connection with a single premium group insurance contract sold by an unrelated fronting insurer to provide pension annuities to Memorial Sloan Kettering Cancer Center Pension Plan participants and beneficiaries.
L-12006
Associated General Contractors of America, San Diego Chapter, Inc. Apprenticeship and Training Fund (the Plan)
If granted, this proposed exemption would permit the leasing of certain improved real property located in San Diego, California by the Plan from the Associated General Contractors of America, San Diego Chapter, Inc., the Plan sponsor.
D-12084
United Brotherhood of Carpenters and Joiners of America (UBC)
If granted, this proposed exemption would permit the sale of certain improved real property located in Las Vegas, NV by the United Brotherhood of Carpenters Pension Fund (the Plan) to the UBC, the Plan sponsor.
L-12069
Boilermakers Western States Apprenticeship Fund (the Plan)
If granted, this proposed exemption would permit the purchase of a parcel of improved real property by the Plan from a local union lodge whose members may be participants in the Plan. The Plan requests the exemption in order to continue to utilize the property to carry out its training program and its administrative duties.
L-12066
Meta Platforms, Inc. (Meta)
If the proposed exemption is granted, Meta Platforms Inc. Health and Welfare Benefit Plan (the Plan) would enter into enter into an insurance contract with Prudential Life Insurance Company of America (Prudential). The contract would cover the Plan’s group term life insurance benefits, accidental death and dismemberment benefits, and survivor income benefits (the Covered Insurance). Prudential would then reinsure the Covered Insurance by entering into a reinsurance contract with Ekahi Insurance Company, LLC (Ekahi), an insurance company that is owned by Meta. Importantly, at all times and in all events, Prudential would remain fully and completely responsible to the Plan with respect to the Covered Insurance, regardless of whether Ekahi met its obligations to Prudential.
Technical Corrections for Prior Year Grants
PTE 2016-11; D-11875
O: 89 FR 23612 (04/04/24)
G: 81 FR 75150 (10/28/16)
P: 81 FR 70569 (10/12/16)
Northern Trust Corporation
This temporary exemption, as corrected, permits certain entities with specified relationships to Northern Trust Fiduciary Services (Guernsey) ltd. (the Northern QPAMs) to rely on the exemptive relief provided by Prohibited Transaction Class Exemption 84–14, notwithstanding a judgment of conviction against Northern Trust Fiduciary Services (Guernsey) ltd. for aiding and abetting tax fraud, entered in France in the Court of Appeal, French Special Prosecutor No. 1120392066, French Investigative Judge No. JIRSIF/11/12 or another court of competent jurisdiction.