UBS Asset Managers Seek Extended Exemption Lifeline
Published Date: 2/26/2026
Notice
Summary
The Department of Labor is proposing a special rule that lets certain UBS asset managers keep using a helpful exemption until May 4, 2031, even though UBS has some legal issues. This affects current and future UBS-related asset managers and helps them avoid some transaction restrictions. If you want to share your thoughts or ask for a hearing, you have until April 6, 2026, to speak up!
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
UBS QPAMs May Keep Using PTE 84-14
If granted, certain current and future UBS-related asset managers (the UBS QPAMs) may rely on Prohibited Transaction Exemption (PTE) 84-14 from May 5, 2026 through May 4, 2031, allowing them to continue transactions otherwise restricted by ERISA sections 406 and 407 on behalf of Covered Plans (ERISA plans and IRAs).
UBS QPAMs Must Indemnify Covered Plans
The proposed exemption requires each Affiliated QPAM to include an obligation to indemnify and hold harmless Covered Plans for actual losses arising from unwinding transactions, transitioning assets to another manager, and any exposure to excise taxes under Code Section 4975 if the QPAM cannot rely on PTE 84-14.
Exemption Ends If New Convictions Happen
The proposed relief would terminate if any entity within the UBS corporate structure is convicted of additional crimes covered by PTE 84-14 Section I(g), or if any term of the exemption or PTE 84-14 is violated, which could end the ability of UBS QPAMs to rely on the exemption.
Annual Audits, Training, and Policies Required
Each Affiliated QPAM must maintain written compliance Policies, run annual Training for relevant personnel, and engage an independent auditor annually to test compliance; the auditor must produce a written Audit Report that will be provided to the Department and made part of the public record.
Notice and Public Comment Deadlines
UBS must notify its Covered Plan clients by first-class mail or email within seven days after publication of this notice, and written comments or requests for a public hearing on the proposed exemption must be received by the Department of Labor by April 6, 2026.
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