(a) All applications for exemptions must contain the following
information:
(1) The name(s) of the applicant(s);
(2) A detailed description of the exemption transaction and the
parties in interest for whom an exemption is requested, including a
description of any larger integrated transaction of which the exemption
transaction is a part;
(3) Whether the affected plan(s) and any parties in interest will be
represented by the same person with regard to the exemption application;
(4) Reasons a plan would have for entering into the exemption
transaction;
(5) The prohibited transaction provisions from which exemptive
relief is requested and the reason why the transaction would violate
each such provision;
(6) Whether the exemption transaction is customary for the industry
or class involved;
(7) Whether the exemption transaction is or has been the subject of
an investigation or enforcement action by the Department or by the
Internal Revenue Service; and
(8) The hardship or economic loss, if any, which would result to the
person or persons on behalf of whom the exemption is sought, to affected
plans, and to their participants and beneficiaries from denial of the
exemption.
(b) All applications for exemption must also contain the following:
(1) A statement explaining why the requested exemption would be--
(i) Administratively feasible;
(ii) In the interests of affected plans and their participants and
beneficiaries; and
(iii) Protective of the rights of participants and beneficiaries of
affected plans.
(2) With respect to the notification of interested persons required
by Sec. 2570.43:
(i) A description of the interested persons to whom the applicant
intends to provide notice;
(ii) The manner in which the applicant will provide such notice; and
(iii) An estimate of the time the applicant will need to furnish
notice to all interested persons following publication of a notice of
the proposed exemption in the Federal Register.
(3) If an advisory opinion has been requested with respect to any
issue relating to the exemption transaction--
(i) A copy of the letter concluding the Department's action on the
advisory opinion request; or
(ii) If the Department has not yet concluded its action on the
request:
(A) A copy of the request or the date on which it was submitted
together with the Department's correspondence control number as
indicated in the acknowledgment letter; and
(B) An explanation of the effect of a favorable advisory opinion
upon the exemption transaction.
(4) If the application is to be signed by anyone other than an
individual party in interest seeking exemptive relief on his own behalf,
a statement which--
(i) Identifies the individual who will be signing the application
and his position with the applicant; and
(ii) Explains briefly the basis of his familiarity with the matters
discussed in the application.
(5)(i) A declaration in the following form:
Under penalty of perjury, I declare that I am familiar with the
matters discussed in this application and, to the best of my knowledge
and belief, the representations made in this application are true and
correct.
(ii) This declaration must be dated and signed by:
(A) The applicant himself in the case of an individual party in
interest seeking exemptive relief on his own behalf;
(B) A corporate officer or partner where the applicant is a
corporation or partnership;
(C) A designated officer or official where the applicant is an
association, organization or other unincorporated enterprise;
(D) The plan fiduciary who has the authority, responsibility, and
control with respect to the exemption transaction where the applicant is
a plan.
(iii) Specialized statements from third-party experts, such as
appraisals or analyses of market conditions, submitted to support an
application for exemption must also be accompanied by a statement of
consent from such expert acknowledging that he or she knows that his or
her statement is being submitted to the Department as part of an
application for exemption.
(iv) For those applications requiring an independent fiduciary to
represent the plan in the exemption transaction, each statement
submitted by said independent fiduciary must contain a signed and dated
declaration under penalty of perjury that, to the best of said
fiduciary's knowledge and belief, the representations made in such
statement are true and correct.
(c) An application for exemption may also include a draft of the
requested exemption which defines the transaction and parties in
interest for which exemptive relief is sought and the specific
conditions under which the exemption would apply.
