Notice2024-15809
Comment Period Extension for Proposed Exemption for Certain Prohibited Transaction Restrictions Involving UBS AG (UBS) Located in Zurich, Switzerland
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 17, 2024
Issuing agencies
Labor DepartmentEmployee Benefits Security Administration
Abstract
The Department of Labor (the Department) is extending the comment period for a proposed individual prohibited transaction exemption (the Proposed Exemption) that would allow current and future asset managers under the UBS corporate umbrella to continue their reliance on PTE 84-14 if they meet the Proposed Exemption's conditions, notwithstanding the judgments of conviction involving entities within the UBS and CSAG corporate umbrellas that are described in the Proposed Exemption.
Full Text
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<title>Federal Register, Volume 89 Issue 137 (Wednesday, July 17, 2024)</title>
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[Federal Register Volume 89, Number 137 (Wednesday, July 17, 2024)]
[Notices]
[Pages 58189-58190]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-15809]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
[Application Number D-12098]
Comment Period Extension for Proposed Exemption for Certain
Prohibited Transaction Restrictions Involving UBS AG (UBS) Located in
Zurich, Switzerland
AGENCY: Employee Benefits Security Administration, Labor.
ACTION: Notice of Proposed Exemption; Extension of comment period.
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SUMMARY: The Department of Labor (the Department) is extending the
comment period for a proposed individual prohibited transaction
exemption (the Proposed Exemption) that would allow current and future
asset managers under the UBS corporate umbrella to continue their
reliance on PTE 84-14 if they meet the Proposed Exemption's conditions,
notwithstanding the judgments of conviction involving entities within
the UBS and CSAG corporate umbrellas that are described in the Proposed
Exemption.
DATES: The time period for comments and requests for a public hearing
on the Proposed Exemption, published June
[[Page 58190]]
11, 2024 at 89 FR 49213 is extended to July 29, 2024.
ADDRESSES: All written comments and requests for a hearing should be
sent to the Employee Benefits Security Administration (EBSA), Office of
Exemption Determinations, Attention: Application No. D-12098 via email
to <a href="/cdn-cgi/l/email-protection#acc981e3e9e8ecc8c3c082cbc3da"><span class="__cf_email__" data-cfemail="086d25474d4c486c6764266f677e">[email protected]</span></a> or online through <a href="https://www.regulations.gov">https://www.regulations.gov</a> before
the end of the extended comment period. The application for the
exemption and the comments received will be available for public
inspection in the Public Disclosure Room of the Employee Benefits
Security Administration, U.S. Department of Labor, Room N-1515, 200
Constitution Avenue NW, Washington, DC 20210. Comments and hearing
requests will also be available online at <a href="https://www.regulations.gov">https://www.regulations.gov</a>
at no charge.
FOR FURTHER INFORMATION CONTACT: Nick Schroth, Office of Exemption
Determinations, Employee Benefits Security Administration, U.S.
Department of Labor, (202) 693-8571 (this is not a toll-free number).
SUPPLEMENTARY INFORMATION: On June 11, 2024, the Department published
the Proposed Exemption in the Federal Register that would allow current
and future asset managers under the UBS corporate umbrella to continue
to rely on PTE 84-14 if certain conditions are met.\1\ The proposed
exemption established a public comment period deadline of July 15,
2024. The Department recently received two requests to extend the
comment period to provide the requestors with additional time to
prepare full and complete comment submissions. Based upon those
requests and the significance of the Proposed Exemption's relief of the
current and former UBS asset managers' ineligibility to rely on PTE 84-
14, the Department has concluded that it is appropriate to grant an
additional 10 days to receive input from commenters.
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\1\ Proposed Exemption for Certain Prohibited Transaction
Restrictions Involving UBS AG (UBS) Located in Zurich, Switzerland
(89 FR 49213 (June 11, 2024)).
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Therefore, the Department is hereby extending the comment period
until July 29, 2024. The Department encourages commenters to review the
instructions for submitting comments that is provided in the Proposed
Exemption.\2\
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\2\ Id.
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Warning: All comments received will be included in the public
record without change and may be made available online at <a href="https://www.regulations.gov">https://www.regulations.gov</a>, including any personal information provided,
unless the comment includes information claimed to be confidential or
other information whose disclosure is restricted by statute. If you
submit a comment, EBSA recommends that you include your name and other
contact information in the body of your comment, but DO NOT submit
information that you consider to be confidential, or otherwise
protected (such as a Social Security number or an unlisted phone
number) or confidential business information that you do not want
publicly disclosed. However, if EBSA cannot read your comment due to
technical difficulties and cannot contact you for clarification, EBSA
might not be able to consider your comment.
Additionally, the <a href="https://www.regulations.gov">https://www.regulations.gov</a> website is an
``anonymous access'' system, which means EBSA will not know your
identity or contact information unless you provide it in the body of
your comment. If you send an email directly to EBSA without going
through <a href="https://www.regulations.gov">https://www.regulations.gov</a>, your email address will be
automatically captured and included as part of the comment that is
placed in the public record and made available on the internet.
Signed at Washington, DC.
George Christopher Cosby,
Director, Office of Exemption Determinations, Employee Benefits
Security Administration, U.S. Department of Labor.
[FR Doc. 2024-15809 Filed 7-15-24; 4:15 pm]
BILLING CODE 4510-29-P
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