Feds Consider Waiving Rules for Fraud-Tainted Bank
Published Date: 1/21/2025
Notice
Summary
Northern Trust and its affiliates want special permission to keep using certain financial rules, even though one part of the company was convicted of tax fraud in France. This change would let them keep managing retirement money without breaking the law. It affects Northern Trust’s current and future teams and could impact how they handle money starting soon.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Exemption Lets Northern Trust Keep QPAM Relief
The Department of Labor is considering a proposed individual exemption that would let certain entities related to Northern Trust Fiduciary Services (Guernsey) Limited (NTFS) continue to rely on Prohibited Transaction Class Exemption 84-14 (the QPAM Exemption) even though NTFS was convicted in France for aiding and abetting tax fraud (Paris Court of Appeal, French Special Prosecutor No. 1120392066, French Investigative Judge No. JIRSIF/11/12). The exemption would apply to specified "Northern QPAMs" and allow them to rely on the exemptive relief under ERISA and the Internal Revenue Code despite the Conviction.
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