Labor Department, Employee Benefits Security Administration
This exemption allows current and future UBS-related asset managers to continue to rely on Prohibited Transaction Exemption (PTE) 84-14, from May 5, 2026, to May 5, 2035, if certain conditions are met, notwithstanding four convictions and one non-prosecution agreement involving affiliated entities of UBS.
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Department of Labor Employee Benefits Security Administration [Prohibited Transaction Exemption 2026-03; Application Number D-12118] AGENCY: Employee Benefits Security Administration, Labor. ACTION: Notice of exemption. SUMMARY: This exemption allows current and future UBS-related asset managers to continue to rely on Prohibited Transaction Exemption (PTE) 84-14, from May 5, 2026, to May 5, 2035, if certain conditions are met, notwithstanding four convictions and one non-prosecution agreement involving affiliated entities of UBS. DATES: Exemption date: This exemption will be in effect for the period beginning on May 5, 2026, and ending on May 5, 2035. FOR FURTHER INFORMATION CONTACT: Nicholas Schroth, Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, (202) 693-8540 (this is not a toll-free number). SUPPLEMENTARY INFORMATION: Benefits of the Exemption This exemption is intended to protect Covered Plans  [ 1 ] from incurring the harms and costs that UBS represents would arise if UBS Qualified Professional Asset Managers (QPAMs) are no longer able to rely on the relief described in PTE 84-14, due to UBS QPAMs' noncompliance with that class exemption. Among other things, this exemption ensures that a Covered Plan can terminate its relationship with a UBS QPAM in an orderly and cost-effective fashion if the Covered Plan fiduciary determines that it is prudent to do so. This exemption requires UBS QPAMs to adhere to basi…
Citation: 91 FR 24010
