Search Results for keywords:"Prohibited Transaction Exemption"

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Search Results: keywords:"Prohibited Transaction Exemption"

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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
February 21, 2025
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.
2025-04069 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; PTE 1990-1; Insurance Company Pooled Separate Accounts
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March 14, 2025
Type:Notice
Citation:90 FR 12180
Reading Time:about 4 minutes
The Department of Labor (DOL) is asking for public comments on a request for information about insurance company pooled separate accounts. This request is being submitted to the Office of Management and Budget (OMB) for approval as required by the Paperwork Reduction Act. The feedback is due by April 14, 2025, and aims to ensure that the collection of information is useful, accurate, and not too burdensome. PTE 90-1 is the specific rule involved, which provides certain exemptions from restrictions for transactions involving insurance company accounts.
Simple Explanation
The Department of Labor wants to make sure that the rules about insurance company accounts are just right and not too confusing or hard, so they are asking people to share their thoughts and ideas about it. They will listen to everyone's feedback until April 14, 2025, to help make the rules better!

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