|
|
|
PTE 2009-01
|
D-11459
|
|
G:
74 FR 3644 (01/21/09)
|
P:
73 FR 51524 (09/03/08)
|
|
Calpine Corporation (the Applicant)
Permits, effective January 31,
2008, the past acquisition by the Calpine Corporation
Retirement Savings Plan (the Plan) of warrants issued
by the Applicant that would permit, under certain
conditions, the purchase of shares of newly-issued
Calpine Common Stock pursuant to certain bankruptcy
proceedings; (2) the holding of the Warrants by the
Plan; and the (3) the disposition of the Warrants.
|
|
|
PTE 2009-02
|
D-11473
|
|
G:
74 FR 3644 (01/21/09)
|
P:
73 FR 70377 (11/20/08)
|
|
Starrett Corporation Pension Plan
(the Plan)
Permits the proposed cash sale by
the Plan to the Starrett Corporation, a party in
interest with respect to the Plan, of a $25,000 face
amount 7.797% secured senior note issued by the Osprey
Trust, an Enron related entity.
|
|
|
PTE 2009-03
|
L-11407 (Mitigation VEBA Case)
|
|
G:
74 FR 3645 (01/21/09)
|
P:
73 FR 42828 (07/23/08)
|
|
General Motors Corporation and Its
Wholly-Owned Subsidiaries (together, GM)
Permits, effective December 16,
2005, (1) monthly cash advances to GM by the DC VEBA
to reimburse GM for the estimated mitigation of
certain health care expenses (the Mitigation) and for
the payment of dental expenses incurred by
participants in the DC VEBA; and (2) an annual “true
up” of the Mitigation payments and dental expenses
against the actual expenses incurred, with the result
that (a) if GM has been underpaid by the DC VEBA, GM
receives the balance outstanding from the DC VEBA with
interest, or (b) if the DC VEBA has overpaid GM, GM
reimburses the DC VEBA for the amount overpaid, with
interest.
|
|
|
PTE 2009-04
|
D-11428
|
|
G: 74 FR 8570 (02/25/09)
|
P: 73 FR 70373 (11/20/08)
|
|
Heico Holding, Inc. Pension Plan
(the Plan)
Permits the proposed sale by the
Plan of a non-marketable limited partnership interest
in Trident Equity Fund, II, L.P. to Heico Holding
Inc., a party in interest with respect to the Plan.
|
|
|
PTE 2009-05
|
D-11450
|
|
G: 74 FR 8571 (02/25/09)
|
P: 73 FR 70375 (11/20/08)
|
|
Brewster Dairy, Inc. 401(k) Profit
Sharing Plan (the Plan)
Permits the sale, on November 18,
2008, by the Plan of 2.5 limited partnership units in
the Heartland California Clayton Limited Partnership
to Brewster Dairy, Inc., the Plan’s sponsor and a
party in interest with respect to the Plan.
|
|
|
PTE 2009-06
|
D-11481
|
|
G: 74 FR 8992 (02/27/09)
|
P: 73 FR 66260 (11/07/08)
|
|
Citigroup, Inc.
With respect to transactions
involving employee benefit plans (the Plans) that are
described in both Title I and Title II of ERISA, this
exemption permits effective February 1, 2008, the (a)
the sale or exchange of an Auction Rate Security by a
Plan to the Sponsor of such Plan; or (b) a lending of
money or other extension of credit to a Plan in
connection with the holding of an Auction Rate
Security by the Plan, from: (1) Citigroup or an
affiliate (Citigroup); (2) an Introducing Broker; or
(3) a Clearing Broker; where the loan is: (i) repaid
in accordance with its terms; and (ii) guaranteed by
the Plan Sponsor. In addition, with respect to
transactions involving Plans described in Title II of
ERISA only, this exemption permits, effective February
1, 2008, (a) the sale or exchange of an Auction Rate
Security by a Title II Only Plan to the Beneficial
Owner of such Plan; or (b) a lending of money or other
extension of credit to a Title II Only Plan in
connection with the holding of an Auction Rate
Security by the Title II Only Plan, from: (1)
Citigroup; (2) an Introducing Broker; or (3) a
Clearing Broker; where the loan is: (i) repaid in
accordance with its terms; and (ii) guaranteed by the
Beneficial Owner.
|
|
|
PTE 2009-07
|
D-11484
|
|
G: 74 FR 8993 (02/27/09)
|
P: 73 FR 66263 (11/07/08)
|
|
Robert W. Baird & Co.,
Incorporated
With respect to transactions
involving employee benefit plans (the Plans) that are
described in both Title I and Title II of ERISA, this
exemption permits, effective February 1, 2008, the (a)
the sale or exchange of an Auction Rate Security by a
Plan to the Sponsor of such Plan; or (b) a lending of
money or other extension of credit to a Plan in
connection with the holding of an Auction Rate
Security by the Plan, from: (1) Robert W. Baird &
Co. Incorporated or any of its current or future
affiliates or subsidiaries (Baird); (2) an Introducing
Broker; or (3) a Clearing Broker; where the loan is: (i)
repaid in accordance with its terms; and (ii)
guaranteed by the Plan Sponsor. In addition, with
respect to transactions involving Plans described in
Title II of ERISA only, this exemption permits,
effective February 1, 2008, (a) the sale or exchange
of an Auction Rate Security by a Title II Only Plan to
the Beneficial Owner of such Plan; or (b) a lending of
money or other extension of credit to a Title II Only
Plan in connection with the Plan’s holding of an
Auction Rate Security, from: (1) Baird; (2) an
Introducing Broker; or (3) a Clearing Broker; where
the loan is: (i) repaid in accordance with its terms;
and (ii) guaranteed by the Beneficial Owner.
|
|
|
PTE 2009-08
|
D-11490
|
|
G: 74 FR 8995 (02/27/09)
|
P: 73 FR 66266 (11/07/08)
|
|
Raymond James & Associates,
Inc.
With respect to transactions
involving employee benefit plans (the Plans) that are
described in both Title I and Title II of ERISA, this
exemption permits effective February 1, 2008, the (a)
the sale or exchange of an Auction Rate Security by a
Plan to the Sponsor of such Plan; or (b) a lending of
money or other extension of credit to a Plan in
connection with the Plan’s holding of an Auction
Rate Security: (1) Raymond James & Associates,
Inc. or any of its current or future affiliates or
subsidiaries (Raymond James); (2) an Introducing
Broker; or (3) a Clearing Broker; where the loan is: (i)
repaid in accordance with its terms; and (ii)
guaranteed by the Plan Sponsor. In addition, with
respect to transactions involving Plans described in
Title II of ERISA only, this exemption permits
effective February 1, 2008, (a) the sale or exchange
of an Auction Rate Security by a Title II Only Plan to
the Beneficial Owner of such Plan; or (b) a lending of
money or other extension of credit to a Title II Only
Plan in connection with the Plan’s holding of an
Auction Rate Security, from: (1) Raymond James; (2) an
Introducing Broker; or (3) a Clearing Broker; where
the loan is: (i) repaid in accordance with its terms;
and (ii) guaranteed by the Beneficial Owner.
|
|
|
|
|
PTE 2009-10
|
D-11336
|
|
G:
74 FR 13235 (03/26/09)
|
P:
73 FR 79168 (12/24/08)
|
|
Camino Medical Group, Inc. Employee
Retirement Plan (the Plan)
Permits, effective July 1, 2003
until December 14, 2007, the (1) the leasing (the 2003
Leases) of a medical facility (the Urgent Care
Facility) and a single family residence converted to
an office (the Residence) by the Retirement Plan to
CMG, the sponsor of the Retirement Plan and a party in
interest with respect to such plan; and (2) the
exercise, by CMG, of options to renew the 2003 Lease
with respect to the Residence for one year and the
2003 Lease with respect to the Urgent Care Facility
for three years.
|
|
|
PTE 2009-11
|
D-11471
|
|
G:
74 FR 13236 (03/26/09)
|
P:
73 FR 63200 (10/23/08)
|
|
Amendment to Prohibited Transaction
Exemption (PTE) 99-34 Involving the Chase Manhattan
Bank/JPMorgan Chase Bank, National Association (JPMCB)
Amends PTE 99-34 (64 FR 46419,
August 15, 1999), an exemption granted to The Chase
Manhattan Bank (CMB). PTE 99-34 permits the lending of
securities to affiliates of The Chase Manhattan
Corporation (CMC) by employee benefit plans, including
commingled investment funds holding plan assets for
which CMC affiliates act as directed trustee or
custodian and securities lending agent or subagent,
and the receipt of compensation in connection with the
transactions. The amendment applies to JPMCB, a
successor organization to CMB, and would extend the
provisions of PTE 99-34 to certain transactions with
affiliates of the Bear Stearns Companies, Inc. The
amendment is effective as of August 25, 1999.
|
|
|
PTE 2009-12
|
D-11341
|
|
G:
74 FR 13231 (03/26/09)
|
P:
73 FR 78846 (12/23/08)
|
|
Grant of Individual Exemption to
Replace Prohibited Transaction Exemption (PTE)
2000-45, Involving Citigroup Global Markets, Inc. (CGMI),
formerly Salomon Smith Barney Inc.
Replaces PTE 2000-45 (65 FR 54315,
September 7, 2000), which became ineffective due to a
material change in this exemption. PTE 2000-45 related
to the operation of the TRAK Personalized Investment
Advisory Service (the TRAK Program) and the Trust for
Consulting Group Capital Markets Funds. PTE 2000-45
provided exemptive relief with respect to the purchase
or redemption of mutual fund shares by plans
participating in CGMI’s TRAK Program. It also
permitted the CGMI’s Consulting Group division to
provide asset allocation advice to the investing
plans.
CGMI has requested a temporary and
limited exemption that would modify the definition of
the term “affiliate,” as set forth in PTE 2000-45.
According to PTE 2000-45, the definition of “affiliate”
includes a corporation or partnership of which CGMI or
an affiliate is a 10 percent or more partner or owner.
In December 2005, Citigroup, Inc. (Citigroup), the
parent of CGMI sold substantially all of its asset
management business to Legg Mason, Inc. (Legg Mason),
with the exception of the TRAK Program and the
Consulting Group. In return for Legg Mason’s
broker-dealer business, Citigroup received 4 percent
of Legg Mason’s voting common stock and 10 percent
of Legg Mason’s convertible, non-voting preferred
stock.
As a result of the merger, Legg
Mason became an affiliate of Citigroup since Citigroup
then owned 14 percent of Legg Mason’s stock. This
affiliation temporarily affected the independence of
two TRAK Program sub-advisers, which were subsidiaries
of Legg Mason. Under PTE 2000-45 and its predecessor
exemptions, all of the TRAK Program sub-advisers were
required to be independent of CGMI and its affiliates.
Because of this material change in the sub-advisers’
independence, the Department decided that PTE 2000-45
would no longer be effective. So, the Department has
provided a new exemption to Citigroup and CGMI, which
is retroactive to December 1, 2005. Also, the
exemption covers a fee offset procedure that Citigroup
implemented on January 1, 2008.
|
|
|
PTE 2009-13
|
D-11458
|
|
G:
74 FR 20990 (05/06/09)
O: 74 FR 23888 (05/21/09) (Tech. Corr. Notice) |
P:
73 FR 79174 (12/24/08)
|
|
The Bank of New York Mellon
Corporation (BNYMC)
Permits, effective December 24,
2008, the purchase of certain securities (the
Securities) by an asset management affiliate of BNYMC,
from any person other than such asset management
affiliate of BNYMC or any affiliate thereof, during
the existence of an underwriting or selling syndicate
with respect to such Securities, where a broker-dealer
affiliated with BNYMC is a manager or member of such
syndicate (an “affiliated underwriter transaction”
(AUT) and/or where an Affiliated Trustee serves as
trustee of a trust that issued the Securities (whether
or not debt securities) or serves as indenture trustee
of Securities that are debt Securities (an “affiliated
trustee transaction”' (ATT) and the asset management
affiliate of BNYMC, as a fiduciary, purchases such
Securities (a) on behalf of an employee benefit plan
or employee benefit plans (Client Plan(s); or (b) on
behalf of Client Plans, and/or In-House Plans, which
are invested in a pooled fund or in pooled funds.
|
|
|
PTE 2009-14
|
D-11477, D-11478 and D-11479
|
|
G:
74 FR 20997 (05/06/09)
O: 74 FR 23888 (05/21/09) (Tech. Corr. Notice) |
P:
74 FR 3647 (01/21/09)
|
|
UBS AG (UBS) and Its Affiliates,
UBS Financial Services Inc. and UBS Financial Services
Inc. of Puerto Rico
Permits (1) the acquisition by the
UBS Savings and Investment Plan, the UBS Financial
Services, Inc. 401(k) Plus Plan, and the UBS Financial
Services Inc. of Puerto Rico Savings Plus Plan
(collectively, the Plans) of certain entitlements (the
Entitlements) and certain subscription rights (the
Rights) issued by UBS, a party in interest with
respect to the Plans; (2) the holding of the
Entitlements by the Plans between April 28, 2008 and
May 9, 2008, inclusive, pending the automatic
conversion of the Entitlements into shares of UBS
common stock; and (3) the holding of the Rights by the
Plans between May 27, 2008 and June 9, 2008,
inclusive.
|
|
|
PTE 2009-15
|
D-11493
|
|
G:
74 FR 30623 (06/26/09)
|
P:
74 FR 8579 (02/25/09)
|
|
Schloer Enterprises, Inc. 401(k)
Profit Sharing Plan (the Plan)
Permits the cash sale of a certain
parcel of real property by the Plan to Craig J.
Schloer, a party in interest with respect to the Plan.
|
|
|
PTE 2009-16
|
D-11519
|
|
G:
74 FR 30623 (06/26/09)
|
P:
74 FR 21002 (05/06/09)
|
|
Amendment to PTE 90-29, as Amended
by PTE 97-34, and PTE 2007-05, PTE 90-29, Involving
Merrill Lynch, Pierce Fenner & Smith, Inc., the
Principal Subsidiary of Merrill Lynch & Co., Inc.
and its Affiliates (ML) and to PTE 2002-19 as Amended
by PTE 2005-07, Involving J.P. Morgan Chase &
Company and Its Affiliates
Amendment affects PTE 90-29 and PTE
2002-19, the Underwriter Exemptions. The Underwriter
Exemptions are individual exemptions that provide
relief for the origination and operation of certain
asset pool investment trusts and the acquisition,
holding and disposition by employee benefit plans of
certain asset-backed pass-through certificates
representing undivided interests in those investment
trusts. Would also provide a six-month period to
resolve certain affiliations, as a result of Bank of
America, N.A., the Trustee, and ML as members of the
Restricted Group, as those terms are defined in the
Underwriter Exemptions.
|
|
|
PTE 2009-17
|
D-11536 - D-11550
|
|
G:
74 FR 30631 (06/26/09)
|
P:
74 FR 13258 (03/26/09)
|
|
Individual Retirement Account for
Ralph Hartwell, et al. (the IRAs)
Permits the cash sales of
certain shares of closely held common stock of the
Bank of Idaho Holding Company by the IRAs to their
participants, who are disqualified persons with
respect to their respective IRAs.
|
|
|
|
|
PTE 2009-19
|
D-11498
|
|
G:
74 FR 36775 (07/24/09)
|
P:
74 FR 20975 (05/06/09)
|
|
MarkWest Energy Partners, L.P.
Permits, effective February 21,
2008: (1) the acquisition by the individually directed
accounts (the Accounts) of participants in the
MarkWest Hydrocarbon, Inc. 401(k) Savings and Profit
Sharing Plan (the Plan), of publicly traded
partnership units (the Units) issued by MarkWest
Energy Partners, L.P., the parent of MarkWest
Hydrocarbon, Inc. (Hydrocarbon), which is the sponsor
of the Plan, as a result of the conversion of the
common stock of Hydrocarbon (the Stock) held by the
Plan into Units, pursuant to a Plan of Redemption and
Merger (the Merger); and (2) the holding of such Units
by the Accounts in the Plan. Would also permit,
prospectively: (1) the purchase of Units in the future
by Accounts in the Plan; and (2) the holding of such
Units by the Accounts in the Plan.
|
|
|
PTE 2009-20
|
D-11501
|
|
G:
74 FR 36777 (07/24/09)
|
P:
74 FR 8580 (02/25/09)
|
|
Morgan Stanley & Co.
Incorporated (Morgan Stanley)
Permits (1) effective February 1,
2008, sales of “Auction Rate Securities” (ARS) by
a plan to Morgan Stanley, a party in interest with
respect to the plan, where such sale is unrelated to,
and not made in connection with, a Settlement
Agreement; and (2) effective August 1, 2008, sales of
“Auction Rate Securities” (ARS) by a plan to
Morgan Stanley, a party in interest with respect to
the plan, where such sale is related to, and made in
connection with, a Settlement Agreement with a U.S.
State or federal authority that provides for the
purchase of an ARS by Morgan Stanley from a Plan.
|
|
|
PTE 2009-21
|
D-11523
|
|
G:
74 FR 36778 (07/24/09)
|
P:
74 FR 20987 (05/06/09)
|
|
The Bank of New York Mellon
Corporation and Its Affiliates (collectively, BNY
Mellon)
Permits, effective October 3, 2008,
the cash sale by a plan of certain Auction Rate
Securities to BNY Mellon.
|
|
|
PTE 2009-22
|
D-11397
|
|
G: 74 FR 45284 (09/01/09)
|
P: 74 FR 13242 (03/26/09)
|
|
PNC Financial Services Group, Inc.
(PNC)
Permits, effective September 29,
2006, in connection with the investment in an open end
investment company (a Fund) by Client Plans for which
PNC serves as a fiduciary and is a party in interest
with respect to such Client Plan: (a) the receipt of
fees by PNC from a Fund, where BlackRock, Inc., and
any affiliate (BlackRock) acts as an investment
adviser for such Fund, and the receipt of fees by
BlackRock for the provision of investment advisory or
similar services to such Fund; (b) the receipt of fees
by PNC from a Fund for providing Secondary Services to
such Fund; and (c) the receipt of fees by PNC from
BlackRock in connection with mutual fund
administrative services provided by PNC to such Fund
in which a Client Plan invests.
|
|
|
PTE 2009-23
|
D-11447
|
|
G: 74 FR 45290 (09/01/09)
|
P: 74 FR 8572 (02/25/09)
|
|
Verizon Investment Management
Corporation (Verizon)
Provides retroactive exemptive
relief for transactions entered into by Verizon,
acting as an in-house asset manager on behalf of plans
sponsored by Verizon Communications, Inc. or its
subsidiaries, with parties in interest solely by
reason of providing services to such plans or solely
by reason of a relationship to a service provider
described in section 3(14)(F),(G), (H), or (I) of the
Act, for the plan years from January 1, 2001, through
December 31, 2001, and January 1, 2003, through
December 31, 2003; provided the requirements of
Prohibited Transaction Exemption 96-23 (PTE 96 23) are
met, except with respect to the annual audit
requirement in section I(h) of PTE 96-23.
|
|
|
PTE 2009-24
|
D-11465
|
|
G: 74 FR 45294 (09/01/09)
O: 74 FR 59001 (11/16/09) (Tech. Corr. Notice)
|
P: 73 FR 79186 (12/24/08)
|
|
United States Steel and Carnegie
Pension Fund (the Applicant)
Permits, effective February 15,
2003, transactions between parties in interest with
respect to the “Former U.S. Steel Related Plans,”
as defined in the exemption, and an investment fund in
which such plans have an interest, provided UCF or its
successor has discretionary authority or control with
respect to the plan assets involved in the
transaction, and various other conditions are
satisfied. UCF had received final authorization for
this transaction under PTE 96-62, effective February
15, 2003 (FAN 2003-03E), for a period of five years.
However, one of the conditions pertaining to an
exemption audit was not satisfied since the report was
not done in a timely fashion. This exemption provides
retroactive relief back to the effective date of FAN
2003-03E, and would provide prospective relief for an
additional five years from the date of the granting of
the exemption, provided stricter conditions regarding
the exemption audit are satisfied prospectively.
|
|
|
PTE 2009-25
|
D-11508
|
|
G: 74 FR 45300 (09/01/09)
|
P: 74 FR 20981 (05/06/09)
|
|
Barclays Global Investors N.A. and
Its Affiliates and Successors (BGI) and Barclays
Capital Inc. and Its Affiliates and Successors (BarCap)
Permits: (1) effective September
22, 2008, through the earlier of (i) the effective
date of an individual exemption granting permanent
relief for the following transactions or (ii) one year
from the grant date of this individual exemption (the
Relief Period), the lending of securities of Client
Plans in reliance on PTE 2002-46, where the applicable
Index or Model-Driven Fund managed by BGI meets the
definition of an “Index Fund” or a “Model-Driven
Fund” as set forth in Section III of PTE 2002-46 but
for the fact that the underlying index is a BarCap
Lehman Index; (2) effective for the Relief Period,
transactions carried out on behalf of Client Plans in
reliance on PTE 2008-01, where the applicable Index or
Model-Driven Fund would meet the definition of an “Index
Fund” or a “Model-Driven Fund” as set forth in
Section V of PTE 2008-01 but for the fact that the
underlying index is a BarCap Lehman Index; and (3) the
purchase or sale of fixed income securities between
BGI on behalf of Client Plans and the BarCap Lehman
Broker-Dealer.
|
|
|
PTE 2009-26
|
D-11470
|
|
G: 74 FR 49034 (09/25/09)
|
P: 74 FR 8576 (02/25/09)
|
|
M&T Bank Corporation Pension
Plan (the Plan)
Permits, effective January 18,
2007, the in-kind redemptions of shares held by the
Plan of the MTB Mid Cap Growth Fund and the MTB Large
Cap Stock Fund for which affiliates of Manufacturers
and Traders Trust Company provide investment advisory
and other services.
|
|
|
PTE 2009-27
|
D-11553
|
|
G: 74 FR 49037 (09/25/09)
|
P: 74 FR 36515 (07/23/09)
|
|
Bank of New York Mellon Corporation
(BNYMC)
Permits, effective November 25,
2008, the cash sale of certain securities issued by
Lehman Brothers Holdings Inc. or its affiliates for an
aggregate purchase price of approximately $5,512,395
by the EB SMAM Securities Lending Temporary Investment
Fund (the Fund) to BNYMC, a party in a interest with
respect to the employee benefit plans invested,
directly or indirectly, in the Fund.
|
|
|
PTE 2009-28
|
L-11451 (Mitigation VEBA Case)
|
|
G: 74 FR 49038 (09/25/09)
|
P: 74 FR 30635 (06/26/09)
|
|
Ford Motor Corporation and Its
Affiliates (collectively, Ford)
Permits, effective July 13, 2006,
(1) monthly cash advances to Ford by the Independent
Health Care Trust for UAW Retirees of Ford Motor
Company (the DC VEBA), to reimburse Ford for the
estimated mitigation (the Mitigation) of certain
health care expenses, and during the period from July
14, 2006 through February 28, 2007, for the payment of
dental expenses incurred by participants in the DC
VEBA; and (2) an annual “true-up” of the
Mitigation payments and dental expenses against the
actual expenses incurred, with the result that (a) if
Ford has been underpaid by the DC VEBA, Ford receives
the balance outstanding from the DC VEBA, with
interest; or (b) if the DC VEBA has overpaid Ford,
Ford reimburses the DC VEBA for the amount overpaid,
with interest.
|
|
|
PTE 2009-29
|
D-11432
|
|
G:
74 FR 59001 (11/16/09)
|
P:
74 FR 30632 (06/26/09)
|
|
Iron Workers Local 17 Pension Fund
(the Plan)
Permits the sale of a leasehold
interest, which includes an office building and
certain rights pursuant to a ground lease, held by the
Plan, to the Bridge, Structural and Ornamental Iron
Workers Local Union, a party in interest with respect
to the Plan.
|
|
|
PTE 2009-30
|
D-11483
|
|
G:
74 FR 59002 (11/16/09)
|
P:
74 FR 30634 (06/26/09)
|
|
Urology Clinics of North Texas,
P.A. 401(k) Profit Sharing Plan and Trust (the Plan)
Permits the sale of a 2.52 percent
ownership interest comprising five Class I Units
issued by the Center for Pediatric Surgery, an
unrelated party, by the individually-directed account
in the Plan of David Ewalt, M.D., to Dr. Ewalt, a
party in interest with respect to the Plan.
|
|
|
PTE 2009-31
|
D-11530
|
|
G:
74 FR 59003 (11/16/09)
|
P:
74 FR 44387 (08/28/09)
|
|
Amendment to PTE 96-22, as Amended
by PTE 97-34, PTE 2000-58, PTE 2002-41 and PTE
2007-05, Involving the Wachovia Corporation and Its
Affiliates (Wachovia), the Successor of First Union
Corporation and PTE 2002-19, Involving J.P. Morgan
Chase & Company and Its Affiliates
Amends PTE 96-22 and PTE 2002-19,
the “Underwriter Exemptions.” The Underwriter
Exemptions are individual exemptions that provide
relief for the origination and operation of certain
asset pool investment trusts and the acquisition,
holding and disposition by employee benefit plans of
certain asset-backed pass-through certificates
representing undivided interests in those investment
trusts. The amendment provides a six-month period to
resolve certain affiliations, as a result of the Wells
Fargo & Company acquisition of Wachovia, between
Wells Fargo Bank, N.A. the Trustee, and Wachovia as
members of the Restricted Group, as those terms are
defined in the Underwriter Exemptions. The exemption
is effective as of December 31, 2008.
|
|
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PTE 2009-32
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L-11482
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G:
74 FR 59011 (11/16/09)
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P:
74 FR 44396 (08/28/09)
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Alaska Laborers-Construction
Industry Apprenticeship Training Trust (the Plan)
Permits the purchase by the Plan of
certain unimproved real property from the Alaska
Construction & General Laborers 942 Building
Association, Inc., an entity owned by Local 942,
Laborers International Union of North America, a party
in interest with respect to the Plan.
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PTE 2009-33
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D-11423
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G:
74 FR 67925 (12/21/09)
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P:
74 FR 49026 (09/25/09)
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Cotter Merchandise Storage Company
Defined Benefit Pension Plan (the Plan)
Permits (1) the proposed sale by
the Plan to the Cotter Merchandise Storage Company
(Cotter), the Plan sponsor and a party in interest
with respect to the Plan, of certain promissory notes
which are currently held in the Plan; and (2) the
assignment, by the Plan to Cotter, of a civil judgment
against the Plan’s former trustee, Robert Geib.
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PTE 2009-34
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D-11445
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G:
74 FR 67926 (12/21/09)
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P:
74 FR 49029 (09/25/09)
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Unaka Company, Incorporated
Employees Profit Sharing Plan (the Plan)
Permits the proposed sale by the
Plan to Unaka Company Incorporated, a party in
interest with respect to the Plan, of two promissory
notes that are secured by deeds of trust on certain
parcels of real property.
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Proposal
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L-11568
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FR Citation: 74 FR 47963 (09/18/09)
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UAW General Motors Company Retiree
Medical Benefits Plan (the New GM VEBA Plan) and the
UAW Retiree Medical Benefits Trust (the VEBA Trust)
(collectively, the VEBA)
Would permit, effective July 10,
2009: (1) the acquisition by the VEBA of: (a)
87,500,000 shares of common stock of General Motors
Company (the New GM Stock) representing 17.5% of New
GM equity; (b) $6.5 billion of Series A Fixed Rate
Cumulative Perpetual Preferred Stock of New GM (the
Preferred Stock); (c) a note issued by New GM with a
principal amount of $2.5 billion (the Note); and (d)
warrants to acquire New GM Common Stock representing
2.5% of New GM equity (the Warrants) (collectively,
including any additional shares of New GM Common Stock
acquired pursuant to the exercise of the Warrants, the
Securities), transferred by New GM and deposited in
the General Motors Company Employer Security
Sub-Account of the General Motors Separate Retiree
Account of the VEBA Trust; (2) the acquisition by the
New GM VEBA of shares of New GM Common Stock pursuant
to the exercise of the Warrants; (3) the holding by
the VEBA of the Securities in the General Motors
Company Employer Security Sub-Account of the General
Motors Separate Retiree Account of the VEBA Trust; (4)
the disposition of the Securities; (5) the payment by
Old GM, New GM, the Old GM Plan, the New GM Plan or
the VEBA of a benefit claim that was the
responsibility and legal obligation, under the terms
of the applicable plan documents, of one of the other
parties listed in this section (5); (6) the
reimbursement by Old GM, New GM, the Old GM Plan, the
New GM Plan or the VEBA of a benefit claim that was
paid by another party listed in this section (6),
which was not legally responsible for the payment of
such claim, plus interest; and (7) the return to New
GM of assets deposited or transferred to the VEBA by
mistake, plus interest.
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Proposal
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D-11522
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FR Citation: 74 FR 49031 (09/25/09)
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State Street Bank and Trust Company
(State Street)
Would permit, effective October 24,
2008, the cash sale of certain mortgage,
mortgage-related, and other asset-backed securities
for $2,447,381,010 by stable value commingled funds
and separate accounts both holding assets of employee
benefit plans (the Accounts) to State Street, the
investment manager and/or trustee for the Accounts.
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Proposal
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L-11566
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FR
Citation: 74 FR 51182 (10/5/09)
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Chrysler LLC
Would permit, effective June 10,
2009: (1) the acquisition by the UAW Chrysler Retiree
Medical Benefits Plan (the New Chrysler VEBA Plan) and
its associated UAW Retiree Medical Benefits Trust (the
VEBA Trust) of: (a) 676,924 shares of New Chrysler
Shares (the Shares); and (b) a Note issued by New
Chrysler with a principal amount of $4,587,000,000 and
an implicit interest rate of nine percent (9%) (the
Note) transferred by New Chrysler and deposited in the
Chrysler Employer Security Sub-Account of the Chrysler
Separate Retiree Account of the VEBA Trust; (2) the
holding of the Shares and the Note by the New Chrysler
VEBA Plan in the in the Chrysler Employer Security
Sub-Account of the Chrysler Separate Retiree Account
of the VEBA Trust; (3) the disposition of the Shares
and the Note; (4) the sale by the New Chrysler VEBA
Plan to Fiat S.p.A. (Fiat) of Shares pursuant to the
exercise by Fiat of the Call Option Agreement and/or
the First Offer Right described in the New Chrysler
Operating Agreement; (5) the payment by New Chrysler,
the Existing Internal VEBA, the New Chrysler VEBA
Plan, or any affiliate of New Chrysler of a benefit
claim that was the responsibility and legal
obligation, under the terms of the applicable plan
documents, of one of the other parties listed in this
paragraph; and (6) the reimbursement by New Chrysler,
the Existing Internal VEBA, the New Chrysler VEBA
Plan, or any affiliate of New Chrysler, of a benefit
claim that was paid by another party listed in this
paragraph, which was not legally responsible for the
payment of such claim, plus interest.
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Proposal
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D-11491
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FR
Citation: 74 FR 58987 (11/16/09)
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JPMorgan Chase Bank, N.A. (JPMCB)
Would permit, effective July 1,
2004, the continued and future provision by JPMCB or
by its current or future affiliates of letters of
credit to guarantee the commercial lease obligations
of unrelated third-party tenants in connection with
commercial properties owned by a Fund or commercial
properties for which a Fund has a security interest,
where JPMCB is the manager and trustee of such Funds
that hold the assets of certain employee benefit
plans.
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Proposal
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D-11571
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FR
Citation: 74 FR 58992 (11/16/09)
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The Bank of New York Mellon
Would permit, effective February
20, 2009, the cash sale of certain floating rate
securities issued by Lehman Brothers Holdings, Inc. or
its affiliates (together, Lehman), for an aggregate
purchase price of $235,737,419.05 by the EB Temporary
Investment Fund – Lehman, the EB SMAM Short-Term
Investment Fund – Lehman, the DF Temporary
Investment Fund – Lehman and the Pooled Employee
Daily Liquidity Fund – Lehman (collectively, the
Funds), to The Bank of New York Mellon Corporation, a
party in interest with respect to employee benefit
plans invested, directly or indirectly, in the Funds.
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Proposal
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D-11492
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FR
Citation: 74 FR 58996 (11/16/09)
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Ivy Asset Management Corporation
Would permit, effective December
31, 2008, (a) the cash sale of certain equity
interests (the Shares) in hedge funds organized
outside the United States, which Shares are held in
the Ivy Enhanced Income Fund (the Fund), a sub-fund
established under the Alternative Investment-Master
Group Trust, to Ivy, a party in interest with respect
to certain employee benefit plans, including a defined
benefit plan sponsored by Ivy’s parent corporation,
The Bank of New York Mellon Corporation,
(collectively, the Plans) and certain individual
retirement accounts (the IRAs), where such Plans and
IRAs have interests in the Fund; and (b) the sale for
cash of certain restricted shares of the D.E. Shaw
Composite International Fund, Ltd., a hedge fund
organized outside the United States, to Ivy Holding
Cayman, LTS, an affiliate of Ivy which is also
organized outside the United States, and which is a
party in interest with respect to the Plans and the
IRAs, where such Plans and IRAs have interests in the
Fund.
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Proposal
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L-11575
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FR
Citation: 74 FR 64716 (12/08/09)
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Ford Motor Company (Ford)
Would permit, effective December
31, 2009, the following transactions involving Ford
and the UAW Retiree Medical Benefits Trust (the VEBA
Trust): (1) the acquisition and holding of certain
employer securities by the VEBA Trust that are either
not qualifying employer securities or account for more
than 10% of the VEBA Trust’s assets at the time of
the transfer; (2) certain transactions resulting from
the exercise by Ford or the VEBA Trust of certain
rights pursuant to the terms of the employer
securities acquired by the VEBA Trust under the
Hardwick II 2009 Settlement Agreement; and (3) certain
transactions between Ford and the VEBA Trust that may
occur as a result of the transfer of responsibility to
provide retiree medical benefits from Ford to the VEBA
Trust as possible loans or the transfer of plan assets
resulting from reimbursements for expenses or benefits
by the responsible parties.
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Proposal
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D-11509
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FR
Citation: 74 FR 68102 (12/22/09)
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Goldman Sachs & Co. and Its
Affiliates (Goldman)
Would permit, effective February 1,
2008, (1) the sale by a plan of an Auction Rate
Security to Goldman, where such sale is unrelated to,
and not made in connection with a Settlement
Agreement; and (2) the sale by a plan of an Auction
Rate Security to Goldman, where such sale is related
to, and made in connection with a Settlement
Agreement.
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Proposal
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D-11532
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FR
Citation: 74 FR 68105 (12/22/09)
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Louis Chaykin, M.D., P.A.,
Cross-Tested Profit Sharing Plan (the Plan)
Would permit the proposed sale at
fair market value by the Plan of certain coins to
Louis B. Chaykin, M.D., a party in interest with
respect to the Plan.
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Proposal
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D-11555
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FR
Citation: 74 FR 68106 (12/22/09)
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The Coca Cola Company (TCCC)
Would permit the proposed
reinsurance of risks and receipt of premiums therefrom
by Red Re Inc., a wholly-owned subsidiary of TCCC,
domiciled in South Carolina, in connection with a
medical stop-loss insurance policy sold by The
Prudential Insurance Company of America (Prudential),
or any successor insurance company to Prudential which
is unrelated to TCCC, which would pay for certain
benefits under the TCCC Retiree Health Plan.
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Proposal
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D-11556
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FR
Citation: 74 FR 68110 (12/22/09)
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Columbia Management Advisors, LLC
(Columbia), et al.
Would permit the purchase of
certain securities (the Securities) by an Asset
Manager (i.e., Columbia or an affiliate of Columbia),
from any person other than such Asset Manager or any
affiliate thereof, during the existence of an
underwriting or selling syndicate with respect to such
Securities, where a broker-dealer affiliated with
Columbia is a manager or member of such syndicate and
the Asset Manager purchases such Securities, as a
fiduciary: (1) on behalf of an employee benefit plan
or plans (Client Plans); or (2) on behalf of Client
Plans and/or In-House Plans, which are invested in a
pooled fund or pooled funds. These transactions are
called “affiliated underwriter transactions,” or
“AUTs.”
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Proposal
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L-11558
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FR
Citation: 74 FR 68120 (12/22/09)
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Boston Carpenters Apprenticeship
and Training Fund (the Fund)
Would permit the purchase by the
Fund from the NERCC, LLC, a party in interest with
respect to the Fund, of a condominium unit in a
building (the Building) owned by the New England
Regional Council of Carpenters (the Union), also a
party in interest with respect to the Fund, where the
Union will own the only other condominium in the
Building.
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Withdrawn Proposed Exemptions
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Proposal
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D-11467
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P: 73 FR 51525 (09/03/08)
O:
74 FR 3101 (01/16/09) (Withdrawal Notice)
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Merritts Antiques, Inc. Employees
Pension Plan (the Plan)
Would permit the cash sale by the
Plan of improved real property located at 1172 Old
Swede Road, Amity Township, Berks County, PA to
Merritts Antiques, Inc., a party in interest with
respect to the Plan.
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Proposal
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D-11363
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P: 73 FR 26415 (05/09/08)
O: 74 FR 17695 (04/16/09) (Withdrawal Notice)
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Citation Box and Paper Co. Profit Sharing Plan and Retirement Trust (the Plan)
Would permit the proposed sale of improved real property by the Plan to a partnership comprised of Anthony J. Kostiuk, Edmund Chmiel, Andre Frydl, and David Marinier, each of whom is a party in interest with respect to the Plan.
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Proposal
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D-11552
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P:
74 FR 13250 (03/26/09)
O:
74 FR 30643 (06/26/09) (Withdrawal Notice)
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Barclays Bank PLC and Barclays
Capital Inc. (collectively, Barclays)
Would amend and replace prior
exemptive relief (Prohibited Transaction Exemption
96-62, 67 FR 44622, July 3, 2002) already provided for
Barclays’ securitization activities, which generally
permits employee benefit plans to purchase, hold, and
sell certain securities representing interests in
asset-backed or mortgage-backed investment pools
(e.g., pools of mortgages or car loans) provided that
certain safeguards are in place. The requested
exemption also would permit Barclays and its
affiliates to service, manage and operate the trust
holding the pools of receivables. Barclays is creating
new pools of secured and senior unsecured notes issued
by small and mid-sized banks and then selling “pass
through” securities to investors, including employee
benefit plans, representing interests in such pools.
Because the principal and interest payments due on the
underlying notes are guaranteed by the FDIC pursuant
to its Temporary Liquidity Guaranty Program and backed
by the full faith and credit of the United States, the
pass through securities represent a safe investment
alternative for pension plans. The current exemption
does not include this type of guaranteed bank note.
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