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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.

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.

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.