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.