📈Proposed Rule Change for Listing and Trading Canary HBAR ETF
The Securities and Exchange Commission has issued a notice regarding a proposed rule change to list and trade shares of the Canary HBAR ETF, as modified by Amendment No. 1. The ETF aims to provide exposure to HBAR, the native asset of the Hedera Network, through a carefully structured trading and custody arrangement. The proposal includes requirements for ongoing compliance and clarity around the fund's operational procedures and investment objectives.
Learn More📈SEC Notice on TCW Direct Lending VII LLC Application
The SEC issued a notice regarding an application by TCW Direct Lending VII LLC to permit certain joint transactions, enabling specific investors to exchange their units for shares in an Extension Fund. The notice outlines the process for interested parties to request a hearing and provides contacts for further information.
Learn More📊Amendments to PTEs 2016-10 and 2016-11
This document provides notice of an amendment to Prohibited Transaction Exemptions (PTEs) 2016-10, granted to Royal Bank of Canada (together with its Current and Future Affiliates, RBC), and 2016-11, granted to Northern Trust Corporation (together with its Current and Future Affiliates, Northern) that extends the effective periods of the exemptions for up to six months if RBC and Northern meet certain conditions. The amendment to PTE 2016-10 is referred to herein as the RBC QPAM Amendment, and the amendment to PTE 2016-11 is referred to herein as the Northern QPAM Amendment (collectively, the Amendments).
Learn More🛤️Extension of Comment Period for Asset Management Plans Regulation
The FHWA is extending the comment period for a notice of proposed rulemaking (NPRM) and request for comments, which was published on November 13, 2024. The original comment period is set to close on January 13, 2025. The extension is based on concerns expressed by stakeholders that the January 13, 2025, closing date does not provide sufficient time to review and provide comprehensive comments. The FHWA recognizes that others interested in commenting may have similar concerns and agrees that the comment period should be extended. Therefore, the closing date for comments is changed to February 12, 2025, which will provide stakeholders and others interested in commenting additional time to discuss, evaluate, and submit responses to the docket.
Learn More⚖️RBC QPAMs Proposed Exemption from ERISA Restrictions Explained
This document provides notice of the pendency before the Department of Labor (the Department) of a proposed individual exemption from certain of the prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) and the Internal Revenue Code of 1986 (the Code). This proposed exemption would permit certain qualified professional asset managers with specified relationships to Royal Bank of Canada Trust Company (Bahamas) Limited, and certain current and future affiliates of the Royal Bank of Canada (collectively, the RBC QPAMs), to continue to rely on the class exemptive relief granted in Prohibited Transaction Exemption (PTE) 84- 14 (PTE 84-14, or the QPAM Exemption), notwithstanding the March 5, 2024 judgment of conviction against Royal Bank of Canada Trust Company (Bahamas) Limited (RBCTC Bahamas) for aiding and abetting tax fraud, entered in France in the Paris Court of Appeal.
Learn More⚖️UBS Receives Exemption from Certain Prohibited Transactions
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.
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