Labor Department, Employee Benefits Security Administration
This exemption permits the Plan's prior acquisition, holding, and sale of certain stock rights (the Rights) to purchase shares of stock in Liberty Latin America Ltd. (LLA). Absent an exemption, these transactions would be prohibited by the Employee Retirement Income Security Act of 1974 (ERISA) and/or the Internal Revenue Code of 1986 (the Code).
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 2026-07; Application Number D-12062] AGENCY: Employee Benefits Security Administration, Labor. ACTION: Notice of exemption. SUMMARY: This exemption permits the Plan's prior acquisition, holding, and sale of certain stock rights (the Rights) to purchase shares of stock in Liberty Latin America Ltd. (LLA). Absent an exemption, these transactions would be prohibited by the Employee Retirement Income Security Act of 1974 (ERISA) and/or the Internal Revenue Code of 1986 (the Code). DATES: Exemption date: This final exemption is in effect from September 10, 2020, through September 16, 2020. FOR FURTHER INFORMATION CONTACT: Anna Vaughan, Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, Vaughan.Anna@dol.gov . SUPPLEMENTARY INFORMATION: Background: LLA held a stock rights offering from September 10, 2020 through September 16, 2020 (the Offering), in which all holders of Series A and Series C Liberty Latin America Ltd. common stock (collectively, LLA Stock), including the Plan, received 0.2690 Rights for each share of LLA Stock held. Each Right allowed the holder to purchase one share of Series C LLA Stock for $7.14 per share, which was a 25% discount to the volume weighted average trading price of the Series C LLA Stock, from August 31, 2020 through September 2, 2020. The Plan fiduciaries directed the sale of the Rights on behalf of Pl…
Citation: 91 FR 54378
