Search Results for keywords:"Royal Bank of Canada"

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Search Results: keywords:"Royal Bank of Canada"

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  • 2025-01067 — Proposed Exemption for the Royal Bank of Canada and Its Current and Future Affiliates (Collectively, RBC or the Applicant) Located in Toronto, Ontario, Canada
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    Type:Notice
    Citation:90 FR 6013
    Reading Time:about 94 minutes

    The U.S. Department of Labor has announced a proposed exemption allowing certain asset managers affiliated with the Royal Bank of Canada (RBC) to continue managing retirement plans, despite a conviction against RBC's Bahamas division for aiding tax fraud in France. The exemption, if granted, would last from March 2025 to March 2030, provided RBC meets specific protective conditions. The decision is driven by the need to avoid disruptions and additional costs for retirement plan clients, as well as to maintain fair investment practices. Public comments on this proposal are invited before March 2025.

    Simple Explanation

    Imagine a bank can keep playing a game, even though one of its friends got in trouble for breaking the rules. The grown-ups in charge are deciding if the bank should still be allowed to play by promising to be very careful and follow new rules.

  • 2025-03524 — Amendment To Extend Effective Dates for Prohibited Transaction Exemptions: Royal Bank of Canada, Toronto, Canada; Northern Trust Corporation, Chicago, Illinois
    Type:Notice
    Citation:90 FR 11330
    Reading Time:about 25 minutes

    The U.S. Department of Labor has issued an amendment that extends the effective periods of Prohibited Transaction Exemptions (PTEs) for the Royal Bank of Canada and Northern Trust Corporation. These amendments allow certain entities to continue operations without disruption due to legal issues in France related to tax fraud convictions. The extension is until September 4, 2025, or until a final decision is made on their longer-term requests. Both RBC and Northern must adhere to specific conditions to utilize this extended relief.

    Simple Explanation

    The U.S. Department of Labor is letting two big banks, the Royal Bank of Canada and Northern Trust, have more time to deal with some complicated rules so they can keep working while they figure out some problems in another country. The banks must follow some special rules to keep this extra time until September 2025.

  • 2025-02930 — Proposed Amendment To Extend the Effective Dates for Prohibited Transaction Exemption (PTE) 2016-10 Involving Royal Bank of Canada (Together With Its Current and Future Affiliates, RBC) Located in Toronto, Canada, and PTE 2016-11 Involving Northern Trust Corporation (Together With Its Current and Future Affiliates, Northern) Located in Chicago, Illinois
    Type:Notice
    Citation:90 FR 10087
    Reading Time:about 28 minutes

    The Department of Labor is proposing to extend the effective periods for exemptions involving the Royal Bank of Canada and Northern Trust to prevent a gap in exemptive relief, which would be detrimental to affected clients and their participants. If approved, this extension will last until either September 4, 2025, or until the Department makes a final decision regarding long-term exemptions, whichever occurs first. Both banks' exemptions relate to past convictions for aiding and abetting tax fraud, but they will still be allowed to operate under strict conditions if they meet the required terms. Public comments and requests for a hearing regarding these proposed amendments must be submitted by February 26, 2025.

    Simple Explanation

    The Department of Labor wants to give the Royal Bank of Canada and Northern Trust more time to follow certain rules after they got in trouble for helping with tax fraud, so they can keep doing business without interruptions if they behave well. People can share their thoughts or ask for a meeting by February 26, 2025, before the new time limit starts.