# 2025-00812: Government Lets Convicted Criminal Bank Manage Your Retirement Money

2025-00812, Exemption From Certain Prohibited Transaction Restrictions Involving UBS AG (UBS), Located in Zurich, Switzerland, is a Federal Register notice from an unnamed agency published 2025-01-15, effective 2023-06-12; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-00812
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-00812
- Title: Exemption From Certain Prohibited Transaction Restrictions Involving UBS AG (UBS), Located in Zurich, Switzerland
- Type: Notice
- Agencies: unknown
- Citation: unknown
- Published: 2025-01-15
- Effective: 2023-06-12
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Government Lets Convicted Criminal Bank Manage Your Retirement Money

## Summary

The Department of Labor is letting UBS asset managers keep using a special exemption from certain rules from June 12, 2023, through June 11, 2029, even though some UBS-related companies had legal troubles. This helps protect retirement plans and accounts managed by UBS from disruption or harm. So, if you have a retirement plan with UBS managing it, things will keep running smoothly for the next five years.

## Abstract

This exemption provides conditional prospective relief that allows current and future asset managers under the UBS corporate umbrella (UBS QPAMs) to continue to rely on PTE 84-14 for the five-year period from June 12, 2024, through June 11, 2029, notwithstanding four judgments of conviction involving entities within the UBS and CSAG (Credit Suisse AG) corporate umbrellas. The exemption also provides conditional retroactive relief to UBS QPAMs covering their reliance on PTE 84-14 during the one-year period from June 12, 2023, through June 11, 2024.

## Effects PRIA read

- UBS exemption keeps retirement managers operating: benefit, medium. If you have an ERISA-covered retirement plan or an IRA managed by UBS, the Department of Labor is allowing UBS asset managers (UBS QPAMs) to rely on the PTE 84-14 exemption from June 12, 2023 through June 11, 2029 so plan management can continue without interruption. This relief covers current and…
- Retroactive coverage for 2023–2024 period: benefit, medium. The Department granted retroactive exemptive relief so UBS QPAMs are covered for the period June 12, 2023 through June 11, 2024; an additional retroactive interval from June 12, 2024 through January 15, 2025 is also provided to address application and record issues. This means transactions taken on…
- New audit and compliance steps for UBS QPAMs: benefit, low. The exemption includes additional compliance conditions: UBS must designate a second Compliance Officer, inform the auditor in writing within 45 days of engagement about target dates, provide the auditor's Exemption Report to the auditor within 7 days of its completion, allow the Department to rece…
- Indemnification for actual plan losses required: benefit, medium. Under the exemption's terms (see PTE 2023-14 Section III(k)), UBS QPAMs must indemnify and hold harmless Covered Plans for any actual losses resulting directly from a QPAM's breach of fiduciary duty, prohibited transactions, or failure to qualify for exemptive relief (other than the Convictions cov…
- UBS estimate of $90 million manager-switch costs: cost, medium. UBS provided an estimate that Covered Plans could incur about $90 million in liquidation and reinvestment costs if plans were forced to terminate UBS managers and hire replacements. The Department considered this estimate (supported by an independent consultant) in deciding to grant relief.

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## Sources
- [2025-00812 on federalregister.gov](https://www.federalregister.gov/documents/2025/01/15/2025-00812/exemption-from-certain-prohibited-transaction-restrictions-involving-ubs-ag-ubs-located-in-zurich)
- [2025-00812 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-01-15/pdf/2025-00812.pdf)

## Related
- [Previous: 2025-00811, Request for Information Regarding the Collection, Use, and Monetization of Cons…](https://policyrisk.com/federal-register/2025-00811)
- [Next: 2025-00813, Exemption From Certain Prohibited Transaction Restrictions Involving Memorial S…](https://policyrisk.com/federal-register/2025-00813)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-00812 (as of 2026-06-08).