[Federal Register Volume 62, Number 74 (Thursday, April 17, 1997)]
[Notices]
[Page 18817]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-9976]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration
[Prohibited Transaction Exemption 97-16]


United States Trust Company of New York and Affiliated Companies 
(US Trust)

AGENCY: Department of Labor.

ACTION: Notice of Technical Correction.

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    On March 5, 1997, the Department of Labor (the Department) 
published in the Federal Register (62 FR 10080) an individual exemption 
which permits: (1) Effective as of May 31, 1996, the in-kind transfer 
to any diversified open-end investment company (the Fund or Funds) 
registered under the Investment Company Act of 1940 to which US Trust 
serves as investment adviser and may provide other services (i.e. 
``Secondary Services'' as defined in therein), of the assets of various 
employee benefit plans (the Plans) that are either held in certain 
collective investment funds (CIFs) maintained by US Trust or otherwise 
held by US Trust as trustee, investment manager, or in any other 
capacity as fiduciary on behalf of the Plans, in exchange for shares of 
such Funds; and (2) effective as of June 30, 1996, the receipt of fees 
by US Trust from the Funds for acting as the investment adviser for the 
Funds as well as for acting as the custodian, transfer agent, sub-
administrator or for providing other ``Secondary Services'' to the 
Funds in connection with the investment in the Funds by Plans for which 
US Trust acts as a fiduciary, other than Plans established and 
maintained by US Trust for the benefit of its employees and their 
beneficiaries.
    In the March 5th Federal Register publication, there was an error 
in the numerical sequence of the exemptions published on that date. In 
this regard, the subject exemption was erroneously designated as ``* * 
* Prohibited Transaction Exemption 97-17'', rather than Prohibited 
Transaction Exemption 97-16 as intended by the Department.
    Therefore, the Department hereby corrects such error by designating 
the exemption as Prohibited Transaction Exemption 97-16.

FOR FURTHER INFORMATION CONTACT: Mr. E. F. Williams, of the Department, 
at (202) 219-8194.

    Signed at Washington, DC, this 14th day of April, 1997.
Ivan L. Strasfeld,
Director, Office of Exemption Determinations, Pension and Welfare 
Benefits Administration.
[FR Doc. 97-9976 Filed 4-16-97; 8:45 am]
BILLING CODE 4510-29-P