Employee Benefits News examines legal developments that impact the employee benefits and executive compensation employers provide, including federal and state legislation, rules from federal...
By Sean Forbes
Oct. 11 — Deutsche Bank AG may get an extension of regulatory relief to allow asset managers affiliated with a South Korean subsidiary to continue serving retirement plans despite the conviction of employees at the subsidiary for stock market manipulation.
The Department of Labor is considering extending the relief from prohibited transaction provisions because without it, retirement plans and individual retirement accounts with assets managed by qualified professional asset managers affiliated with Deutsche Securities Korea Co. would incur substantial costs by switching to a different manager, the DOL said Oct. 11. The DOL originally gave the bank a nine-month exemption in September 2015.
If granted, the exemption would be effective from Oct. 24 through April 23, 2017, or the effective date of a DOL decision in connection with a separate exemption application from the bank, whichever is earlier.
The DOL is considering similar exemptions for asset managers of Royal Bank of Canada and Northern Trust Corp. A Paris court may convict the Royal Bank of Canada Trust Co. (Bahamas), a Royal Bank of Canada subsidiary, for allegedly aiding and abetting tax fraud. The same Paris court may convict Northern Trust’s subsidiary, Northern Trust Fiduciary Services (Guernsey) Ltd., on similar allegations.
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Text of the proposed prohibited transaction exemptions is at http://src.bna.com/jg4.
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