Loans of Securities by Plans |
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Abandoned Individual Account Plans
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PTE 2006-06
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D-11201
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Final Exemption: 71 FR 20855 |
Proposed Exemption: 70 FR 12074 |
Adopted Amendment: 73 FR 58629 |
Proposed Amendment: 72 FR 7461 |
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Permits a “qualified termination administrator” to select itself or an affiliate to provide services to an abandoned plan in connection with the termination of the plan; to pay itself or an affiliate fees for those services, and to pay itself for services provided prior to the plan’s deemed termination. Also permits the QTA to designate itself or an affiliate as provider of an individual retirement plan for distributions from abandoned plans to IRAs or other accounts maintained by the QTA resulting from a participant’s failure to provide direction and to pay itself fees in connection therewith.
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Mandatory Distributions
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Real Estate Investment Trusts
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PTE 2004-07
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D-10659
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Final Exemption: 69 FR 23220 |
Proposed Exemption: 68 FR
33185
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Permits the acquisition, holding or
sale of publicly traded shares of beneficial interest in a
real estate investment trust (REIT), that is structured
under state law as a business trust, by individual account
plans sponsored by the REIT or its affiliates.
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Release of Claims and Extensions of
Credit in Connection With Litigation
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Voluntary Fiduciary Correction Program
Class Exemption
|
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Amendment to Clarify the term "Plan"
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Cross-Trades of Securities
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PTE 2002-12
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D-10851
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Final Exemption: 67 FR 6614 |
Proposed Exemption: 64 FR 70057
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Permits
cross-trades of securities among Index and Model Driven
Funds managed by investment managers, and among such Funds
and certain large accounts which engage such managers to
carry out a specific portfolio restructuring program or to
otherwise act as a “trading adviser” for such a
program.
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Foreign Exchange Transactions
Pursuant to Standing Instructions
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Bank CIF Conversions
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Relationship Brokerage
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Restoration of Delinquent
Participant Contributions
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PTE 1996-63
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D-10218
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Final Exemption:
61
FR 40459
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Proposed Exemption: 61 FR 9199
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Provides exemptive relief for certain transactions involving the failure
to transmit participant contributions to pension plans where such
delinquent amounts are voluntarily restored to such plans with lost
earnings. This exemption is being
granted as part of the Department’s Pension Payback Program (the
Program), which is targeted at persons who failed to transfer participant
contributions to pension plans, including section 401(k) plans, within the
time frames mandated by the Department’s participant contribution
regulation, and thus violated Title I or ERISA. The exemption affects plans, participants and beneficiaries of
such plans and certain other persons engaging in such transactions.
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EXPRO
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PTE 1996-62
|
D-10031
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Final Exemption:
61 FR 39988
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Proposed Exemption: 60 FR 58376 |
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Adopted Amendment: 67 FR 44622
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Proposed Amendment: 67 FR 13019
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Clarification:
See PTE 2002-13
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Permits certain prospective transactions between
employee benefit plans and parties in interest where
such transactions are specifically authorized by the
Department and are subject to terms, conditions and
representations which are substantially similar to two
exemptions previously granted by the Department within
the 60 months prior to the application. The
Amendment: alternatively permits parties to rely on one
individual exemption granted within the 120 months prior
to the application and one transaction which received
authorization from the Department under PTE 96-62 within
the past 60 months.
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In-House Professional Asset Managers
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Insurance Company General Accounts
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PTE 1995-60
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D-9662
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Final Exemption:
60 FR 35925
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Proposed Exemption: 59 FR 43134 |
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Clarification: See PTE 2002-13
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Permits general relief for transactions between the
general account and parties in interest to plans that
are contract holders in the general account. It
also provides relief for a general account to acquire
and hold employer securities and employer real property.
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Settlement Agreements
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Foreign Exchange (FX) Transactions
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PTE 1994-20
|
D-5700
|
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Final Exemption:
59 FR 8022
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Proposed Exemption: 56 FR 11757
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Clarification: See 1998-54
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Correction: 56 FR 33467
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Permits FX transactions between banks or
broker-dealers and plans.
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IRA/KEOGH Plans
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PTE 1993-02
|
D-8243 & D-8323
|
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Final Exemption:
58 FR 3561
|
Proposed Exemption: 56 FR 8365
|
|
Replaced By: 1993-33,
58 FR 31053
|
|
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Permits the receipt of certain services at reduced or no
cost by IRA/Keogh Plan beneficiary from a bank.
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Life Insurance Transfer Out
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PTE 1992-06
|
D-8337
|
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Final Exemption: 57 FR 5189
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Proposed Exemption: 56 FR 31679
|
|
Adopted Amendment: 67 FR 56313
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Proposed Amendment: 67 FR 15083
|
|
Correction: 57 FR 29938
|
|
|
Replaces and amends PTE 77-8 to include transactions between
plans and owner-employees. The 2002 Amendment:
permits transactions between plans and personal or
private trusts established by, or for the benefit of an
individual who is a participant in the plan and insured
under the policy, or by or for the benefit of one or
more relatives.
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PTE 1977-08
|
D-0281
|
|
Final Exemption: 42 FR 31574
|
Proposed Exemption:42 FR 4036
|
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Correction:
42 FR 33817
|
|
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Correction:
57 FR 29938
|
|
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Replaced By: 1992-6,
57 FR 5189
|
|
|
Permits transfer of life insurance policies by plans to
participants, relatives of participants, plan sponsors
or another plan.
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|
Life Insurance Transfer In
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|
PTE 1992-05
|
D-8303
|
|
Final Exemption:
57 FR 5019
|
Proposed Exemption: 56 FR 31681
|
|
Replaces and amends PTE 77-7 to include transactions between
plans and owner-employees.
|
|
|
PTE 1977-07
|
|
|
Final Exemption: 42 FR 31575
|
Proposed Exemption:42 FR 4034
|
|
Correction:
42 FR 36529
|
|
|
Replaced By: 1992-5,
57 FR 5019
|
|
|
Permits transfer of life insurance policies to plans by
plan participants or sponsoring employers.
|
|
Purchase of American Eagle Coins
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PTE 1991-55
|
D-7088
|
|
Final Exemption: 56 FR 49209
|
Proposed Exemption: 53 FR 10169
|
|
Correction: 56 FR 50729 |
|
|
Permits the purchase and sale by individual
retirement accounts (IRAs) of bullion coins in principal
transactions from or to broker dealer in such coins who
have an existing relationship with the IRA's so as to
make the transaction prohibited.
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|
Bank Collective Investment Funds
|
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PTE 1991-38
|
D-8414
|
|
Final Exemption: 56 FR 31966
|
Proposed Exemption: 56 FR 4856
|
|
Correction: 56 FR 59299 |
|
|
Clarification:
See PTE 2002-13
|
|
|
Amends and supercedes PTE 80-51 which permits
bank collective investment funds in which plans invest
to engage in certain transactions with parties in
interest and to hold employer securities or employer
real property. The Amendment: expands the percentage of
collective fund interest by a participating plan which
can qualify for the general exemptive relief. Bank
CIF conversion permits an in kind exchange between a
plan's interest in a CIF and the purchase of shares in a
registered investment company when the bank is a
fiduciary of the plan.
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PTE 1980-51
|
|
|
Final Exemption: 45 FR 49709
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Proposed Exemption: 44 FR 44290
|
|
Correction:
45 FR 52949
|
|
|
Replaced By: 1991-38,
56 FR 31966
|
|
|
Permits bank collective investment funds in which
plans invest to engage in certain otherwise prohibited
transactions.
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|
Insurance Company Pooled Separate Accounts
|
|
PTE 1990-01
|
D-7551
|
|
Final Exemption:
55 FR 2891
|
Proposed Exemption: 54 FR 31092
|
|
Amends and supercedes PTE 78-19
which permits insurance company pooled separate accounts
in which plans invest to engage in certain
transactions with parties in interest and to hold
employer securities or employer real property. The
Amendment:s:
- Expand the percentage of pooled account
interest by a participating plan which can qualify for
the general exemptive relief
- Provide relief for
investments in short term obligations issued by parties
in interest
|
|
|
PTE 1978-19
|
D-039
|
|
Final Exemption: 43 FR 59915
|
Proposed Exemption:54 FR 54886
|
|
Correction:
42 FR 58225
|
|
|
Replaced By: 1990-1,
55 FR 2891
|
|
|
Permits insurance company pooled
separate accounts in which plans invest to engage in
certain transactions with parties in interest and to hold
employer securities or employer real property.
|
|
Residential Mortgage Financing Arrangements
|
|
PTE 1988-59
|
D-5600
|
|
Final Exemption: 53 FR 24811
|
Proposed Exemption: 49 FR 48236
|
|
Correction: 53 FR 26560
|
|
|
Correction: 53 FR 26927
|
|
|
Clarification:
See PTE 2002-13
|
|
|
Replaces and amends PTE 82-87 which permits
various transactions involving the provision by employee
benefit plans of residential mortgage financing. The
Amendment:s expand the coverage of PTE 82-87 to include
transactions involving mortgages on multifamily
residential dwelling units and to mortgages which, but
for their dollar value would otherwise satisfy the terms
of the exemption.
|
|
Agency Transactions Executed by Fiduciary Broker-Dealers
|
|
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Customer Notes
|
|
PTE 1985-68
|
D-5258
|
|
Final Exemption:
50 FR 13293
|
Proposed Exemption: 49 FR 32127
|
|
Supersedes
PTE 79-9. This exemption provides permanent relief for
employee benefit plans to purchase and hold customer
notes which the plan sponsor has received in the
ordinary course of business. The notes are
collateralized by security agreements on equipment
purchased by customers of the sponsor.
|
|
|
PTE 1979-09
|
D-639
|
|
Final Exemption: 44 FR 17819
|
Proposed Exemption:42 FR 59321
|
|
Replaced By: 1985-68,
50 FR 13293
|
|
|
Temporary
exemption (expired July 1, 1984) which permits plans to
purchase certain notes from plan sponsors where the plan
sponsor receives such notes in the ordinary course of
business and notes are collateralized by security
agreements on equipment purchased by customers.
|
|
Recapture of Brokerage Commissions on Behalf of Insurance Company Pooled Separate Accounts
|
|
PTE 1984-46
|
D-1366 & D-1382
|
|
Final Exemption:
49 FR 22157
|
Proposed Exemption:47 FR 54576
|
|
Replaced By: 1986-128,
51 FR 41686
|
|
|
Permits an insurance company to
utilize its affiliates to effect or execute securities
transactions in order to recapture brokerage commissions
for the benefit of employee benefit plans whose assets
are maintained in pooled separate accounts managed by
the insurance company.
|
|
Insurance Agents - Pension Consultants
|
|
PTE 1984-24
|
D-447 & D-1903
|
|
Final Exemption: 49 FR 13208
(see Adopted Amendment for entire text of exemption)
|
Proposed Exemption: 47 FR 14803
|
|
Correction: 49 FR 24819 |
Proposed Amendment: 69 FR 55463
|
|
Adopted Amendment: 71 FR 5887
|
|
|
Permits certain transactions involving plans,
insurance agents and brokers, pension consultants,
insurance companies and investment companies who are
parties in interest or fiduciaries, in connection with
purchase of insurance or annuity contracts, or purchase
and sale of securities issued by an investment company.
The Amendment: permits a broader range of
transactions where the party seeking to utilize the
exemption provides non-discretionary trust or custodial
services to the plan but does not render investment
advice.
|
|
|
PTE 1977-09
|
D-183, D-301, D-419, D-459, D-4661,
D-478
|
|
Final Exemption: 42 FR 32395
|
Proposed Exemption:41 FR 56760
|
|
Adopted Amendment: 44 FR 1479
|
Proposed Amendment: 43 FR 18354
|
|
Adopted Amendment: 44 FR 52365
|
Proposed Amendment: 44 FR 32310
|
|
Replaced By: 1984-24,
49 FR 13208
|
|
|
Permits certain transactions involving
plans, insurance agents and brokers, pension
consultants, insurance companies and investment
companies who are parties in interest or fiduciaries, in
connection with purchase of insurance or annuity
contracts, or purchase and sale of securities issued by
an investment company.
|
|
Qualified Professional Assets Managers (QPAMs)
|
|
PTE 1984-14
|
D-4850
|
|
Final Exemption:
49 FR 9494
|
Proposed Exemption: 47 FR 56945
|
|
Correction: 50 FR 41430
|
Proposed Amendment: 68 FR 52419
|
|
Clarification: See PTE 2002-13
|
Proposed Amendment: 70 FR 49312 |
|
Adopted Amendment: 70 FR 49305
|
|
Adopted Amendment: 75 FR 38837 |
|
|
Permits various parties who are
related to employee benefit plans to engage in
transactions involving plan assets if, among other
conditions, the assets are managed by QPAMs which are
independent of the parties in interest and which meet
specified financial standards. Additional exemptive
relief is provided for employers to furnish limited
amounts of goods and services in the ordinary course of
business. Limited relief is also provided for leases of
office or commercial space between managed funds and
QPAMs or contributing employers.
|
|
Mortgage Pool Investment Trusts
|
|
PTE 1983-01
|
D-2789 & D-3060
|
|
Final Exemption: 48 FR 895
|
Proposed Exemption: 47 FR 21325
|
|
Clarification: See PTE 2002-13
|
|
|
Replace and amends PTE 81-7. The Amendments expand the coverage to
include:
- Pools containing loans secured by mortgages
or deeds of trust which are other than first lien loans
- Issuance of forward delivery commitments by
investing plans to purchase pool certificates under
certain circumstances
|
|
|
PTE 1981-07
|
D-1448, D-1449, D-1357, D-1447
|
|
Final Exemption: 46 FR 7520
|
Proposed Exemption:45 FR 29937
|
|
Replaced By: 1983-1, 48 FR 895
|
|
|
Permits transactions related to the
origination, maintenance, and termination of mortgage
pool investment trusts and the acquisition and holding
of certain mortgage-backed pass-through certificates by
employee benefit plans.
|
|
Residential Mortgage Financing Arrangement
|
|
PTE 1982-87
|
D-1937 & D-2004
|
|
Final Exemption: 47 FR 21331
|
Proposed Exemption:48 FR 58773
|
|
Correction:
53 FR 26560
|
|
|
Correction:
53 FR 26907
|
|
|
Replaced By: 1988-59, 53 FR 24811
|
|
|
Employee benefit plans are
permitted to provide mortgage financing commitments to
purchasers of certain residential dwelling units and
later honor the commitments by making mortgage loans to
purchasers of the units, the direct acquisition or
disposal of mortgage loans or participation interests in
such mortgages.
|
|
Provision of Securities Lending Services- Payment of Compensation
|
|
PTE 1982-63
|
D-2488
|
|
Final Exemption: 47 FR 14804
|
Proposed Exemption:46 FR 7518
|
|
Correction: 47 FR 16437
|
|
|
Clarification:
See PTE 2002-13
|
|
|
Clarification:
See 1981-6
|
|
|
This class
exemption allows certain compensation arrangements to be
made for the provision by a fiduciary of securities
lending services to an employee benefit plan.
|
|
Guaranteed Contract Separate Accounts
|
|
PTE 1981-82
|
D-780
|
|
Final Exemption: 46 FR 46443
|
Proposed Exemption:45 FR 51303
|
|
Replaced By: 56 FR 54898
|
|
|
Clarification: See 46 FR 46448
|
|
|
Withdrawn:
56 FR 54898
|
|
|
Permits certain transactions involving
insurance company guaranteed contract separate accounts
in which plans invest. Revoked: as of November 22,
1991.
|
|
Short-Term Investments
|
|
PTE 1981-08
|
|
|
Final Exemption: 46 FR 7511
|
Proposed Exemption:45 FR 28017
|
|
Adopted Amendment: 50 FR 14043
|
Proposed Amendment: 49 FR 27379
|
|
Clarification: See PTE 2002-13
|
|
|
Permits plans to invest in certain short-term investment
products such as banker's acceptances, commercial paper,
repurchase agreements and certificates of deposit which
are issued, sold or guaranteed by a party in interest.
Short-Term Investments (Amendment:s) - Amends PTE 81-8 in two respects:
- Expands the
categories of sellers with whom plans may enter into
repurchase agreements
- Permits a plan to invest
in securities issued by banks which are parties in
interest solely by reason of furnishing checking
accounts or related services to a plan
|
|
Securities Lending
|
|
PTE 1981-06
|
|
|
Final Exemption: 46 FR 7527
|
Proposed Exemption:45 FR 24946
|
|
Correction: 46 FR 10570
|
Proposed Amendment: 51 FR 9900
|
|
Adopted Amendment: 52 FR 18754
|
|
|
Clarification: See PTE 2002-13
|
|
|
Clarification: See 1982-63
|
|
|
Permits
lending of securities by plans to banks and
broker-dealers who are parties in interest to such
plans.
Securities Lending (Amendment:s) - Amends PTE 81-6 by
adding certain specified broker-dealers to the list of
securities borrowers.
|
|
Reduction of Indebtedness
|
|
PTE 1980-83
|
D-690
|
|
Final Exemption: 45 FR 73189
|
Proposed Exemption:44 FR 44286
|
|
Clarification: See PTE 2002-13
|
|
|
Permits purchases of securities by plans when proceeds
may be used by the issuer to reduce or retire
indebtedness to parties in interest.
|
|
Interest-Free Loans to Plans
|
|
PTE 1980-26
|
|
|
Final Exemption: 45 FR 28545
(see Adopted Amendment (3) for entire text of exemption)
|
Proposed Exemption:45 FR 8761
|
|
Correction:
45 FR 35040
|
Proposed
Amendment (1): 64 FR 66666
|
|
Adopted Amendment (1): 65 FR 17540
|
Proposed Amendment (2): 66 FR 49703
|
|
Adopted Amendment (2): 67 FR 9485
|
Proposed Amendment (3): 69 FR 75088
|
|
Clarification: See PTE 2002-13
|
|
|
Adopted Amendment (3): 71 FR 17917
|
|
|
Permits parties in interest to make unsecured
interest-free loans to plans for plan operating
expenses.
Note: A
temporary Amendment: to 80-26 expanded the interest free
loan exemption to address potential Y2K problems, from
November 1, 1999 through December 31, 2000.
Note: A temporary Amendment: to 80-26
broadened the availability of PTE 80-26 to include
certain interest-free loans to be used for a purpose
incidental to the ordinary operations of a plan which
arose in connection with difficulties encountered by the
plan in liquidating or otherwise accessing its assets,
or accessing its data in a timely manner, as a direct or
indirect result of the September 11, 2001 disruption to
the financial markets, from September 11, 2001 until
January 9, 2002.
|
|
Insurance Agents-In-House
|
|
PTE 1979-60
|
D-985 & D-040
|
|
Final Exemption: 44 FR 59018
|
Proposed Exemption:44 FR 4027
|
|
Permits sale of insurance to plan by an agent or broker
who is the plan sponsor or a related person.
|
|
Captive Insurance
|
|
PTE 1979-41
|
D-391 & D-461
|
|
Final Exemption: 44 FR 46365
|
Proposed Exemption:43 FR 22800
|
|
Permits
insurance companies that are substantially affiliated
with sponsors of plans to sell insurance or annuity
contracts which fund such plans.
|
|
Judicial Orders
|
|
PTE 1979-15
|
|
|
Final Exemption: 44 FR 26979
|
Proposed Exemption: 44 FR 7244
|
|
Clarification: See PTE 2002-13
|
|
|
Permits
otherwise prohibited transactions if ordered by a U.S.
District Court or by settlement of litigation approved
by such court provided that the DOL or IRS is a party to
the litigation at time of such order or settlement.
|
|
Closed-End Mutual Fund-In-House
|
|
PTE 1979-13
|
D-822
|
|
Final Exemption: 44 FR 25533
|
Proposed Exemption:44 FR 7242
|
|
Permits purchase and sale of shares of
closed-end mutual funds by plans which cover only
employees of either the mutual fund, its investment
adviser or an affiliate.
|
|
Broker-Dealers-Agency Transactions
|
|
PTE 1979-01
|
|
|
Final Exemption: 44 FR 5963
|
Proposed Exemption:43 FR 55005
|
|
Replaced By: 1986-128,
51 FR 41686
|
|
|
Permits plan fiduciaries to effect (agency)
securities transactions for plans.
|
|
Apprenticeship Plans
|
|
|
Multi-Employer Plans
|
|
|
|
|
Open-End Mutual Funds Investment Adviser
|
|
PTE 1977-04
|
D-055
|
|
Final Exemption: 42 FR 18732
|
Proposed Exemption:41 FR 50516
|
|
Permits purchase and sale of
open-end mutual fund shares by a plan when a plan
fiduciary is also the investment adviser for the
investment company marketing the mutual fund.
|
|
Open-End Mutual-Funds In-House Plans
|
|
PTE 1977-03
|
D-025
|
|
Final Exemption: 42 FR 18734
|
Proposed Exemption:41 FR 54080
|
|
Permits purchase and sale of open-end
mutual fund shares by a plan which only covers employees
of a mutual fund, its investment adviser or principal
underwriter, or an affiliate.
|
|
Securities Transactions
|
|
PTE 1975-01
|
|
|
Final Exemption: 40 FR 50845
|
Proposed Exemption: 40 FR 33564
|
|
Clarification: See 1979-1, 1986-128
|
Proposed Interim: 40 FR 2483
|
|
Final Amendment: 71 FR 5883
|
Interim Exemption 40 FR 5201
|
|
|
Interim Extension: 40 FR 17861
|
|
|
Interim Extension: 40 FR 24578
|
|
|
Proposed Amendment: 69 FR 23216
|
|
Permits certain principal transactions,
underwritings,
market-making and extensions of credit between plans and
broker-dealers, reporting dealers and banks.
|
|
