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Secretary of Labor Thomas E. Perez
Notice of technical correction. [Notices] [03/21/2001]

EBSA (Formerly PWBA) Federal Register Notice

Notice of technical correction. [03/21/2001]

[PDF Version]

Volume 66, Number 55, Page 15896-15897



Pension and Welfare Benefits Administration

[Prohibited Transaction Exemption 2000-66; Application No. D-10706]

Grant of Individual Exemption for Allfirst Bank (Allfirst)

AGENCY: Pension and Welfare Benefits Administration, Department of 
Labor (the Department).

ACTION: Notice of technical correction.


    On December 21, 2000, the Department published in the Federal 
Register at 65 FR 80461 a notice of individual exemption for Allfirst, 
which permits, as of November 13, 1998, the receipt of fees by Allfirst 
from the ARK Funds, open-end investment companies registered under the 
Investment Company Act of 1940, for acting as an investment adviser for 
such Funds, as well as for providing secondary services to the ARK 
Funds, in connection with the investment in shares of the ARK Funds by 
employee benefit plans for which Allfirst serves as a fiduciary.
    Under the heading ``Written Comments'' (65 FR at 80463), the 
Department addressed the applicant's comment regarding a typographical 
error in Section I(l). However, the requested correction was 
inadvertently omitted from the published final exemption. In the final 
exemption, the last sentence in subparagraph (2) of Section I(l) should 
cross-reference paragraph (i) instead of (j), while the very last 
sentence in Section I(l) should cross-reference paragraph (j) instead 
of (i). Thus, beginning from Section I(l)(2) (65 FR at 80462, center 
column), Section I(l) should read as follows:

    (l)(2) For any Client Plan under this exemption, an addition of 
a Secondary Service (as defined in Section III(i) below) provided by 
Allfirst to the Fund for which a fee is charged, or an increase in 
the rate of any fee paid by the ARK Funds to Allfirst for any 
Secondary Service that results either from an increase in the rate 
of such fee or from the decrease in the number or kind of services 
performed by Allfirst for such fee over an existing rate for such 
Secondary Service that had been authorized by the Second Fiduciary 
of a Client Plan in accordance with paragraph (i) above;
    Allfirst will, at least 30 days in advance of the implementation 
of such additional service for which a fee is charged or fee

[[Page 15897]]

increase, provide a written notice (which may take the form of a 
proxy statement, letter, or similar communication that is separate 
from the prospectus of the Fund and that explains the nature and 
amount of the additional service for which a fee is charged or of 
the increase in fees) to the Second Fiduciary of the Client Plan. 
Such notice shall be accompanied by a Termination Form with 
instructions as described in paragraph (j) above.

    Accordingly, the Department hereby corrects such error.

FOR FURTHER INFORMATION CONTACT: Ms. Karin Weng of the Department, 
telephone (202) 219-8881. (This is not a toll-free number.)

    Signed at Washington, DC, this 16th day of March, 2001.
Ivan L. Strasfeld,
Director, Office of Exemption Determinations, Pension and Welfare 
Benefits Administration.
[FR Doc. 01-7046 Filed 3-20-01; 8:45 am]