⚖️UBS Receives Exemption from Certain Prohibited Transactions
Exemption From Certain Prohibited Transaction Restrictions Involving UBS AG (UBS), Located in Zurich, Switzerland
Summary
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.
Agencies
- Labor Department
- Employee Benefits Security Administration
Business Impact
$$ - Med
The exemption allows UBS-affiliated asset managers to continue operations despite past criminal convictions, affecting compliance and regulatory financial practices. It highlights the importance of adhering to fiduciary duties and can impact decision-making for businesses engaging with UBS QPAMs, particularly in retirement plans.