Exemption From Certain Prohibited Transaction Restrictions Involving UBS AG (UBS) and Credit Suisse Asset Management, LLC (CSAM), Located in Zurich, Switzerland

The Employee Benefits Security Administration, EBSA, of the U.S. Department of Labor (DOL) published in the Federal Register its [final Prohibited Transaction Exemption (PTE)](https://www.federalregister.gov/documents/2023/06/02/2023-11864/exemption-from-certain-prohibited-transaction-restrictions-involving-ubs-ag-ubs-and-credit-suisse) in relation to UBS AG and Credit Suisse Group AG (CSGG). The PTE will be valid for one year following the merger of the two institutions and will allow qualified professional asset managers (QPAMs) of UBS AG and CSGG related entities to continue to rely upon an exemption stipulated in current PTE 84-14. PTE 84-14 allows „various parties that are related to employee benefit plans to engage in transactions involving plan assets if, among other conditions, the assets are managed by “qualified professional asset managers”, which are independent of the parties in interest and which meet specified financial standards“. Such transactions may involve, but are not limited to, sales, exchanges, leases, loans/extensions of credit, and the provision of services between a party of interest and a pension plan.
The finalized PTE contains some changes to the proposed one in EBSA’s corresponding consultation due to the feedback received from UBS AG itself. These revisions primarily relate to
– needed clarifications as to when PTE 84-14 would be rendered invalid for the two companies; and
– requirements in connection with the preparation and verification of audit reports for each UBS and CSGG QPAM.
EBSA did not receive any other comments.