4510-29-P
DEPARTMENT OF LABOR
Employee Benefits Security Administration
[Application Number D-12098]
Comment Period Extension for Proposed Exemption for Certain Prohibited
Transaction Restrictions Involving UBS AG (UBS) Located in Zurich, Switzerland
AGENCY: Employee Benefits Security Administration, Labor.
ACTION: Notice of Proposed Exemption; Extension of comment period.
SUMMARY: The Department of Labor (the Department) is extending the comment
period for a proposed individual prohibited transaction exemption (the Proposed
Exemption) that would allow current and future asset managers under the UBS corporate
umbrella to continue their reliance on PTE 84-14 if they meet the Proposed Exemption’s
conditions, notwithstanding the judgments of conviction involving entities within the
UBS and CSAG corporate umbrellas that are described in the Proposed Exemption.
DATES: The time period for comments and requests for a public hearing on the
Proposed Exemption, published June 11, 2024 at 89 FR 49213 is extended to [INSERT
DATE 10 DAYS FROM DATE OF PUBLICATION IN THE FEDERAL REGISTER].
ADDRESSES: All written comments and requests for a hearing should be sent to the
Employee Benefits Security Administration (EBSA), Office of Exemption
Determinations, Attention: Application No. D-12098 via email to e-OED@dol.gov or
online through https://www.regulations.gov before the end of the extended comment
period. The application for the exemption and the comments received will be available
for public inspection in the Public Disclosure Room of the Employee Benefits Security
Administration, U.S. Department of Labor, Room N-1515, 200 Constitution Avenue,
N.W., Washington, D.C. 20210. Comments and hearing requests will also be available
online at https://www.regulations.gov at no charge.

FOR FURTHER INFORMATION CONTACT: Nick Schroth, Office of Exemption
Determinations, Employee Benefits Security Administration, U.S. Department of Labor,
(202) 693-8571 (this is not a toll-free number).
SUPPLEMENTARY INFORMATION:
On June 11, 2024, the Department published the Proposed Exemption in the
Federal Register that would allow current and future asset managers under the UBS
corporate umbrella to continue to rely on PTE 84-14 if certain conditions are met.1 The
proposed exemption established a public comment period deadline of July 15, 2024. The
Department recently received two requests to extend the comment period to provide the
requestors with additional time to prepare full and complete comment submissions.
Based upon those requests and the significance of the Proposed Exemption’s relief of the
current and former UBS asset managers’ ineligibility to rely on PTE 84-14, the
Department has concluded that it is appropriate to grant an additional 10 days to receive
input from commenters.
Therefore, the Department is hereby extending the comment period until
[INSERT DATE 10 DAYS FROM DATE OF PUBLICATION IN THE FEDERAL
REGISTER]. The Department encourages commenters to review the instructions for
submitting comments that is provided in the Proposed Exemption.2
Warning: All comments received will be included in the public record without
change and may be made available online at https://www.regulations.gov, including any
personal information provided, unless the comment includes information claimed to be
confidential or other information whose disclosure is restricted by statute. If you submit a
comment, EBSA recommends that you include your name and other contact information
in the body of your comment, but DO NOT submit information that you consider to be

Proposed Exemption for Certain Prohibited Transaction Restrictions Involving UBS AG (UBS) Located
in Zurich, Switzerland (89 FR 49213 (June 11, 2024)).
2 Id.
confidential, or otherwise protected (such as a Social Security number or an unlisted
phone number) or confidential business information that you do not want publicly
disclosed. However, if EBSA cannot read your comment due to technical difficulties and
cannot contact you for clarification, EBSA might not be able to consider your comment.
Additionally, the https://www.regulations.gov website is an “anonymous access”
system, which means EBSA will not know your identity or contact information unless
you provide it in the body of your comment. If you send an email directly to EBSA
without going through https://www.regulations.gov, your email address will be
automatically captured and included as part of the comment that is placed in the public
record and made available on the internet.

Signed at Washington, DC.

George Christopher Cosby,
Director, Office of Exemption Determinations, Employee Benefits Security
Administration, U.S. Department of Labor.
[FR Doc. 2024-15809 Filed: 7/15/2024 4:15 pm; Publication Date: 7/17/2024]