Search Results for keywords:"Prohibited Transaction Class Exemption 84-14"

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Search Results: keywords:"Prohibited Transaction Class Exemption 84-14"

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  • 2020-29113 — Proposed Exemption for Certain Prohibited Transaction Restrictions Involving The Goldman Sachs Group, Inc. (Goldman Sachs or the Applicant) Located in New York, New York
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    Type:Notice
    Citation:86 FR 131
    Reading Time:about 79 minutes

    The Department of Labor has issued a notice regarding a proposed exemption for certain prohibited transaction restrictions relating to Goldman Sachs. This exemption, if granted, would allow certain entities affiliated with Goldman Sachs to continue engaging in activities normally restricted by the Employee Retirement Income Security Act (ERISA), despite Goldman Sachs Malaysia's conviction under the Foreign Corrupt Practices Act. The exemption is proposed to last five years, and public comments are invited until February 10, 2021. The measures aim to protect affected plans and ensure compliance with specific conditions during the exemption period.

    Simple Explanation

    Imagine Goldman Sachs is like a big playground, and usually, there are rules about who can play with their toys. But because someone did something naughty, they might not be allowed to use some toys. This new plan says maybe they can still play if they follow extra rules and promise to be good for the next five years, and people can share their thoughts about this plan until February 10th, 2021.

  • 2021-02886 — Proposed Exemption for Certain Prohibited Transaction Restrictions Involving DWS Investment Management Americas, Inc. (DIMA or the Applicant) and Certain Current and Future Asset Management Affiliates of Deutsche Bank AG (Each a DB QPAM) Located in New York, New York
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    Type:Notice
    Citation:86 FR 9376
    Reading Time:about 75 minutes

    The Department of Labor is considering a proposed exemption that would allow certain asset management affiliates of Deutsche Bank to not be barred from relying on a specific existing exemption, despite a past criminal conviction of a Deutsche Bank subsidiary. This exemption will only apply if the companies meet several conditions, such as not employing any individuals involved in the criminal conduct and maintaining strict compliance policies. This exemption aims to prevent disruptions for retirement and investment plans that use these affiliates, as losing the ability to use the exemption could lead to significant costs and disruptions for these plans. Public comments are being solicited to assess the potential benefits and costs of granting this exemption.

    Simple Explanation

    Imagine if a big bank's team did something wrong, but the rest of the team promised to behave really well. Now, they're asking for special permission so they can still help people with their money without causing problems. They need to make sure everyone knows the rules and follows them closely.

  • 2025-01244 — Proposed Exemption From Certain Prohibited Transaction Restrictions Involving Northern Trust Corporation (Together With its Current and Future Affiliates, Northern or the Applicant) Located in Chicago, IL
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    Type:Notice
    Citation:90 FR 7174
    Reading Time:about 96 minutes

    The Department of Labor is considering a proposed exemption that would allow Northern Trust Corporation and its affiliates to continue using a special legal exemption for certain financial transactions despite Northern Trust Fiduciary Services (NTFS) being convicted of aiding and abetting tax fraud in France. The proposed exemption would be in effect for five years and aims to prevent disruptions for pension plans and other financial entities relying on Northern's services. This proposal includes various safety measures to ensure Northern's operations remain lawful and in compliance with fiduciary duties, also detailing costly procedures and conditions to protect involved parties and maintain trust.

    Simple Explanation

    The Department of Labor is thinking about letting a big company, Northern Trust, continue handling money for retirement plans, even though one part of the company got in trouble in France for helping with tax problems. They'll have extra rules to make sure everything stays fair and honest for the next five years.