Search Results for keywords:"QPAM Amendment"

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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.
2025-03524 — Amendment To Extend Effective Dates for Prohibited Transaction Exemptions: Royal Bank of Canada, Toronto, Canada; Northern Trust Corporation, Chicago, Illinois
March 05, 2025
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.

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