Prior exemptions may not reflect current policies or procedures. The Department, for example, may require terms and conditions that were not required in prior exemptions. Persons considering filing for an exemption or EXPRO authorization may find it very helpful to discuss the facts or issues in their cases with the Department before preparing the filing. The Department welcomes all inquiries and is available to answer any questions you may have. Call us at 202-693-8540.
Deutsche Bank, AG (Deutsche Bank)
Permits, effective July 8, 2008, certain foreign exchange transactions that are executed by Deutsche Bank or an affiliate (domestic or foreign) that is a bank or broker-dealer, acting as a local subcustodian, where Deutsche Bank or its affiliates, as asset managers, have determined to invest the assets of a client plan held in a separately managed account, an in-house plan whose assets are held in a separately managed account with Deutsche Bank or its affiliate, or a pooled fund, in foreign securities. The global custodian, who directs the subcustodian to execute the foreign exchange transaction, is independent of Deutsche Bank. The foreign exchange transactions must involve either a trade-related currency conversion, or an income item conversion. In addition, these foreign exchange transactions are limited to those transactions involving less developed currencies. Less developed currencies are those currencies in which the global custodian does not make a market at the time of the transaction and in which the global custodian determines to purchase from or sell to the plan’s or pooled fund’s local subcustodian on behalf of a plan or pooled fund because the currency is difficult to trade, undeveloped or the subject of local government restrictions, or because of the volatility or lack of liquidity in the market at the time of the transaction. The term “less developed currencies” does not include the following currencies: the Euro; the British pound; the Swiss franc, the Canadian dollar; or the Japanese yen.
State Street Bank and Trust Company (State Street)
Permits, 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.
The Bank of New York Mellon (BNY Mellon)
Permits, 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.
JPMorgan Chase Bank, N.A. (JPMCB)
Permits, 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.
Goldman Sachs & Co. and Its Affiliates (Goldman)
Permits, 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.
Louis Chaykin, M.D., P.A., Cross-Tested Profit Sharing Plan (the Plan)
Permits 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.
Columbia Management Advisors, LLC (Columbia), et al.
Permits 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.”
Ford Motor Company (Ford)
Permits, 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.
Ivy Asset Management Corporation (Ivy)
Permits, 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.
Deutsche Bank AG and Its Affiliates (together, Deutsche Bank or the Applicant)
Permits, effective February 1, 2008: (1) the sale of an Auction Rate Security by a Plan to Deutsche Bank, where such sale is unrelated to, and not made in connection with a Settlement Agreement; or (2) the sale of an Auction Rate Security by a Plan to Deutsche Bank, where such sale is related to, and made in connection with a Settlement Agreement.
The Coca Cola Company (TCCC)
Permits 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.
Chrysler LLC (Chrysler)
Permits, 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.
Putnam Fiduciary Trust Company (PFTC)
Permits, effective January 19, 2010: (1) the purchase or sale by a Collective Fund of shares of a Mutual Fund where PFTC or its affiliate (collectively, Putnam) is the investment advisor of the Mutual Fund as well as a fiduciary with respect to the Collective Fund (or an affiliate of such fiduciary); and (2) the receipt of fees by Putnam from a Mutual Fund for acting as the investment advisor for the Mutual Fund and/or for providing other services to the Mutual Fund (i.e., Secondary Services) in connection with the investment by the Collective Fund in shares of the Mutual Fund.
UBS Financial Services Inc. and Its Affiliates (UBS)
Permits, effective February 1, 2008: (1) the sale or exchange of an Auction Rate Security by a Plan to its sponsor or an affiliate thereof; or (2) 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 UBS, an Introducing Broker or a Clearing Broker, where the loan is repaid in accordance with its terms and is guaranteed by the Sponsor.
Subaru of America, Inc. (Subaru)
Permits the reinsurance of risks and receipt of premiums therefrom by Pleiades Insurance Co., Inc., a wholly-owned subsidiary of Subaru, in connection with an insurance contract sold by Minnesota Life Insurance Company to provide group-term life insurance to Subaru employees under the Subaru of America, Inc. Welfare Benefit Plan.
Morgan Stanley & Co., Inc. and Its Current and Future Affiliates and Subsidiaries (Morgan Stanley) and Union Bank, N.A. (Union Bank)
Permits: (1) the lending of securities by employee benefit plans for which Morgan Stanley, Union Bank or an affiliate of either acts as securities lending agent or sub-agent, to Morgan Stanley and its successors and Union Bank and its successors, and any current or future affiliate of Morgan Stanley or Union Bank that is a bank supervised by the US or a state, any broker-dealer registered under the Securities Exchange Act of 1934, or any foreign affiliate that is a bank or broker-dealer that is supervised by the appropriate regulatory authority in the United Kingdom, Germany, Japan, Canada, Switzerland, Australia, France and Sweden; and (2) the receipt of compensation by the Lending Agent and the Lending Sub-Agent in connection with these transactions.
The Bank of New York Mellon (BNY Mellon)
Permits, effective July 10, 2009, the cash sale of certain medium term notes, issued by Stanfield Victoria Finance Ltd., for an aggregate purchase price of $26,997,049 million by BNY Mellon’s Short Term Investment Fund, a money market fund, to The Bank of New York Mellon Corporation, a party in interest with respect to the employee benefit plans that invested in the Fund. The purchase price represents amortized cost for the securities plus interest based upon the rate earned by the Fund during the relevant period.
Boston Carpenters Apprenticeship and Training Fund (the Fund)
Permits 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.
The PNC Financial Services Group, Inc. and Its Affiliates (together, PNC)
Permits, effective October 31, 2007, certain in-kind redemptions by The Employees’ Thrift Plan of Mercantile Bankshares Corporation and Participating Affiliates (the Mercantile Plan) that occurred overnight on October 31, 2007, of shares of proprietary mutual funds (the Funds) for which PNC provides investment advisory and other services. In a case of first impression, the in-kind redemptions for four of the five subject Funds were not conducted on a pro rata basis - – a method permitted by prior exemptions, which ensures that the individual stocks selected for the redemptions are objectively determined. This case, however, involved unique circumstances because, among other things, the in-kind redemptions facilitated the merger of the Mercantile Plan into the PNC Financial Services Group, Inc. Incentive Savings Plan – - which maintains an “open” investment platform. More importantly, the exemptive relief is conditioned on PNC paying the brokerage commissions associated with the subsequent sale of the securities, received pursuant to the redemptions, by the Mercantile Plan.
Citigroup and Its Affiliates (Citigroup)
Permits, effective February 1, 2008: (1) the sale by a Plan of an Auction Rate Security to Citigroup, 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 Citigroup, where such sale is related to, and made in connection with a Settlement Agreement. Plans would receive par value (i.e., the face amount) for their auction rate securities, plus any accrued but unpaid interest or dividends. Although auction rate securities were previously very liquid and could be sold at par value through an auction process, Plans continue to be unable to sell their auction rate securities at par value on the open market.
Barclays California Corporation (Barcal)
Permits, effective September 4, 2008, the cash sales by the Barclays Global Investors “Money Market Fund” and “Cash Equivalent Fund II, “which are short-term collective investment funds managed by Barclays Global Investors, N.A., of three short-term debt instruments (i.e., notes issued by a structured investment vehicle (SIV)) to Barcal for amortized cost plus accrued and unpaid interest. The notes lost much of their value after the SIV began defaulting on payments due.
CUNA Mutual Pension Plan for Represented Employees and CUNA Mutual Pension Plan for Non-Represented Employees (together, the Plans); and Citizens Bank Wealth Management, N.A., et al.
Permits, (1) the February 20, 2009 cash sale (the Sale), at aggregate cost basis plus interest, by each of the Plans of interests in certain private equity funds (the Funds) to the CUNA Mutual Insurance Society (the Applicant), the sponsor of the Plans and a party in interest with respect to the Plans, pursuant to a contract between the Applicant and the trustee of the Plans concluded on that same date; (2) the September 14, 2009 payment by the Applicant of certain additional cash amounts, including interest (the Top-Up Payments); to the Plans pursuant to the terms of the foregoing contract; and (3) the extension of credit between the Plans and the Applicant from the date of the Sale (February 20, 2009) to the date of the Top-Up Payments (September 14, 2009). The terms of the Sale transactions, which were reviewed and approved by an independent fiduciary prior to their consummation, stipulated that the Plans initially receive a return of their aggregate cost basis in the Funds plus interest accrued since the time of their acquisition by the Plans. The terms of the Top-Up Payment transactions, which were also reviewed and approved by an independent fiduciary, stipulated that such payments occur in instances where it was found that the year-end value (i.e., December 31, 2008) of any particular Fund had exceeded its cost basis.
Carle Foundation Hospital & Affiliates Pension Plan (the Plan)
Permits the sale of a certain limited partnership interest by the Plan to Carle Foundation Hospital Foundation, a party in interest with respect to the Plan.
Citizens Bank Wealth Management, N.A.
Permits, effective December 16, 2008, the sale of auction rate securities (ARS) to Citizens Republic Bancorp, a party in interest, by the Four-Way Tool & Die Profit Sharing Plan at par value plus accrued interest.
State Street Bank and Trust Company, et al. (State Street)
Applies, as of December 22, 2009, to the cash sale of certain fixed income securities for an aggregate purchase price of $113,977,880.15 by the Quality D Short-Term Investment Fund (the Fund) to State Street, a fiduciary with respect to the Fund and a party in interest with respect to employee benefit plans invested, directly or indirectly, in the Fund.
PNC Financial Services Group, Inc. (PNC)
Permits, effective February 1, 2008, in connection with the investment in an open-end investment company (a Fund(s)) by certain employee benefit plans (Client Plan(s)) 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 and its affiliate PNC Capital Advisors, Inc. from the Funds in connection with the investment by the Client Plans in shares of the Funds where PNC or its affiliate PCA acts as an investment advisor for such Funds; and (b) the receipt of fees by PNC or its affiliates from the Funds in connection with providing certain secondary services to such Funds in which a Client Plan invests.
Finishing Trades Institute of the Mid-Atlantic Region (the Plan)
Permits the proposed loan of approximately $1,081,416 (the Loan) to the Plan by the International Union of Painters and Allied Trades, District Council 21, a party in interest with respect to the Plan, for (1) the repayment of an outstanding loan made to the Plan by Commerce Bank and currently held by TD Bank, both of which are unrelated parties; and (2) to facilitate the expansion of a training facility that is situated on certain real property owned by the Plan. A qualified independent fiduciary would determine the fairness of the Loan and monitor the Loan throughout its term. The fair market value of the property that secures the Loan would be determined by a qualified independent appraiser.
John D. Simmons Individual Retirement Account (the IRA)
Permits the cash sale by the IRA to John D. Simmons, the IRA owner and a disqualified person with respect to the IRA, of a 50 percent interest in a condominium.
Boston Carpenters Apprenticeship and Training Fund (the Fund)
Permits, for the period January 29, 2010 through June 30, 2010, the lease by the Fund from the NERCC, LLC (the Building Corporation), a party in interest with respect to the Fund, of a condominium unit in a building (the Building) owned by the Building Corporation, where the New England Regional Council of Carpenters, also a party in interest with respect to the Fund, indirectly owns the only other condominium unit in the Building.
UAW General Motors Company Retiree Medical Benefits Plan (the New UAW-GM Plan) and the UAW Retiree Medical Benefits Trust (the VEBA Trust) (collectively, the New Plan)
Permits, effective July 10, 2009: (1) the acquisition by the New Plan of: (a) 87,500,000 shares of common stock of General Motors Company (New GM) (the New GM Common Stock) representing 17.5% of New GM equity; (b) $6.5 billion of Series A Fixed Rate Cumulative Perpetual Preferred Stock of New GM; (c) a note issued by New GM and assigned to General Motors Holdings, LLC with a principal amount of $2.5 billion; (d) warrants to acquire New GM Common Stock representing 2.5% of New GM equity; and (e) additional shares of New GM Common Stock acquired pursuant to (i) the Independent Fiduciary’s exercise of the Warrants, and (ii) an adjustment, substitution, conversion or other modification of New GM Common Stock in connection with a reorganization, restructuring, recapitalization, merger, or similar corporate transaction, provided that each holder of New GM Common Stock is treated in an identical manner (collectively, the Securities), transferred by New GM and deposited in the GM Employer Security Sub-Account of the GM Separate Retiree Account of the VEBA Trust; (2) the holding by the New Plan of the Securities in the GM Employer Security Sub-Account of the VEBA Trust; (3) the disposition of the Securities; (4) the payment by Old GM, New GM, the Old GM Plan, the New Plan 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; (5) the reimbursement by Old GM, New GM, the Old GM Plan, the New UAW-GM Retirees Plan or the New Plan 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; and (6) the return to New GM of assets deposited or transferred to the New Plan by mistake, plus interest. Also permits, effective January 1, 2010 through April 10, 2010, the acquisition and holding by the New Plan of Old GM senior corporate debt held in the CCM Pension-C, LLC Fund managed by Contrarian Capital Management, LLC.
Deutsche Asset Management (UK) Limited (DAM), et al.
Permits certain foreign exchange hedging transactions that occurred between November 30, 2007 and May 30, 2008, inclusive between the Deutsche Bank Torus Japan Master Portfolio, in which the assets of certain client employee benefit plans (the Client Plans) were invested, and DAM or its affiliates, a party in interest with respect to the Client Plans.
Sherburne Tele Systems, Inc. 2008 Amended and Restated Employee Stock Ownership Plan and Trust (the ESOP)
Permits the sale by the ESOP of all of its shares of common stock in Sherburne Tele Systems, Inc. (the Company), to the Company, a party in interest with respect to the ESOP.
Citigroup Global Markets, Inc. and Its Affiliates (together, CGMI)
Replaces PTE 2009-12, with a new exemption to reflect the terms of a joint venture (Joint Venture) between Citigroup, Inc. (Citigroup) and Morgan Stanley under which CGMI’s TRAK Program, a family of proprietary mutual funds, was contributed to the Joint Venture by Citigroup on May 31, 2009. PTE 2009-12, the most recent exemption in a line of individual exemptions granted to CGMI and its predecessors, relates to certain transactions occurring between CGMI and employee benefit plans during the operation of the TRAK Program. PTE 2009-12 is no longer effective due to a change in the parties and the structure of the TRAK Program. The new exemption provides the same relief with respect to the transactions covered under PTE 2009-12.
Retirement Plan for Employees of the Rehabilitation Institute of Chicago (the Plan)
Permits (1) a series of interest-free Advances in the aggregate amount of $701,117 (the Advances or individually, an Advance), made to Hewitt Associates, LLC, the Pension Benefit Guaranty Corporation, the Internal Revenue Service, and Deloitte and Touche, LLP, during the period from September 28, 2006, through June 2, 2009, by the Rehabilitation Institute of Chicago (RIC), for the purpose of paying certain expenses incurred on behalf of the Plan; and (2) the reimbursement of such Advances in an amount not to exceed $701,117 to RIC by the Plan in lump sums on an annual or more frequent basis, where each such reimbursement occurred at least sixty (60) days but no more than 365 days after the date of each such Advance; provided that certain conditions were satisfied.
Proposal; D-11603 - D-11607
Chrysler Group LLC (Chrysler Group) and Daimler AG (Daimler)
Would permit the contribution (the Contribution) of notes issued by Daimler (the Daimler Notes) by Chrysler Group to certain employee benefit plans sponsored by the Chrysler Group (the Plans). The proposal also exempts any extension of credit caused by the issuance by Daimler of the Daimler Notes for purposes of the Contributions. The terms of each Contribution will be consistent with the terms set forth in a settlement agreement (the Settlement Agreement) involving, among others, Chrysler Group, Daimler, and the Pension Benefit Guaranty Corporation (the PBGC). Additionally, the fair market value of each Daimler Note will be determined as of the date of the Contributions, by a qualified independent appraiser, and each Daimler Note will represent not more than 20% of the total fair market value of the assets of the Plan that receives such Note at the time of the Contributions.
Bank of America, N.A., et al. (BANA)
Would apply, effective January 1, 2009: (1) to the operation of the RPT Stable Value Agreements, pursuant to the terms thereof, and to the receipt of a fee by BANA in connection therewith; and (2) to transactions under the RPT Stable Value Agreements; (b) effective April 23, 2009: (1) to the execution of the RPT Special Purpose Wrap Agreement; (2) to the operation of the RPT Special Purpose Wrap Agreement, pursuant to the terms thereof, and to the receipt of a fee by BANA in connection therewith; and (3) to transactions under the RPT Special Purpose Wrap Agreement; and (c) effective January 1, 2009: (1) to the operation of the Separately Managed Account Wrap Agreements, pursuant to the terms thereof, and to the receipt of a fee by BANA in connection therewith; and (2) to transactions under the Separately Managed Account Wrap Agreements.
Citigroup Inc. and Its Affiliates (Citigroup) and the Citigroup 401(k) Plan, et al. (collectively, the Plans)
Would permit, effective June 22, 2009, (1) the acquisition of stock rights (the Rights) by the Plans, in connection with their holding shares of Citigroup common stock (the Citigroup Stock) on the Record Date established pursuant to an offering of such Rights (the Offering), in accordance with the Tax Benefits Preservation Plan (the Rights Plan) by Citigroup, a party in interest with respect to the covered Plans, and/or the acquisition of Citigroup Stock and the attached Rights by the Plans in the future pursuant to the Offering; (2) the holding of the Rights by the Plans until the date the Plans exercise or otherwise dispose of the Rights or the expiration of such Rights in accordance with the terms and conditions of the Rights Plan, whichever is the earlier; and (3) the exercise or other disposition of the Rights by the Plans.
TD Ameritrade, Inc. (TD Ameritrade)
Would apply, effective July 20, 2009, to the sale of certain auction rate securities to TD Ameritrade, Inc. by individual retirement accounts and employee benefit plans for which the applicant acts as a broker, where the sales are either (1) related to, and made in connection with a settlement agreement (the Settlement Agreement) entered into between the applicant and the U.S. Securities and Exchange Commission, or (2) unrelated to, and not made in connection with the Settlement Agreement.
Owens & Minor, Inc. (the Employer)
Would permit the sale of certain shares in a hedge fund by the Owens & Minor, Inc. Pension Plan (the Plan) to the Employer, a party in interest with respect to the Plan.
Proposed Regulation; 29 CFR Part 2570
This proposed regulation updates the procedure for filing and processing applications for exemptions from the prohibited transaction provisions of the Employee Retirement Income Security Act. If adopted, the proposal would consolidate the existing policies and guidance on the exemption process. The amended procedures would also clarify the types of information and documentation required to submit a complete filing, expand the methods for transmitting filings to include electronic submissions, and make the exemptions more understandable for participants and other interested parties.
The proposed exemption procedures retain the section-by-section topical structure of the existing regulation. Among the proposed changes are: (1) a requirement that applicants provide interested persons with a brief objective summary of complex transactions; (2) the consolidation of exemption policies and guidance within a single document; (3) an updated description of the Department's authority to propose and issue administrative exemptions on its own motion; (4) a description of the current standards for obtaining retroactive exemption relief; and (5) clarification of the content of specialized statements, as needed, from qualified independent appraisers and other relevant experts. Written comments on the proposed regulation should be received by the Department of Labor on or before Oct. 14, 2010.