DOL Gives RBC and Northern Trust Six More Months on Exemptions
Published Date: 3/5/2025
Notice
Summary
The U.S. Department of Labor is giving Royal Bank of Canada and Northern Trust Corporation an extra six months to keep using special exemptions that help them manage employee benefit plans without breaking rules. This extension lasts until September 4, 2025, or until a final decision is made, whichever comes first. It means these banks can keep handling big money moves smoothly while meeting certain conditions.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Six‑month extension of QPAM exemptions
The Department of Labor is allowing Royal Bank of Canada and Northern Trust Corporation to keep using their Prohibited Transaction Exemptions (PTE 2016-10 and PTE 2016-11) so long as conditions are met. The Amendments are effective March 5, 2024, and allow the exemptions to continue until the earlier of September 4, 2025, or the date the Department issues a final agency action on the applicants' proposed five-year exemptions.
Relief contingent on continuous compliance
The Amendments make the exemption relief available only if RBC and Northern continuously meet all conditions of PTEs 2016-10 and 2016-11 during the extended effective period; the Department relied on the firms' representations and said any material facts must remain true and complete.
New 30‑day recordkeeping and production rule
The Amendments add a new condition requiring the RBC and Northern QPAMs to keep records showing they met every exemption condition during the extended period and to provide those records to the Department within 30 days of a request.
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