[Federal Register Volume 89, Number 137 (Wednesday, July 17, 2024)]
[Notices]
[Pages 58189-58190]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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 [email protected] or online through https://www.regulations.gov 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 https://www.regulations.gov 
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 https://www.regulations.gov, 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 https://www.regulations.gov 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 https://www.regulations.gov, 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