70562 Federal Register / Vol. 81, No. 197 / Wednesday, October 12, 2016 / Notices DEPARTMENT OF LABOR comments received will be available for Proposed Temporary Exemption public inspection in the Public The Department is considering Employee Benefits Security Documents Room of the Employee granting a temporary exemption under Administration Benefits Security Administration, U.S. the authority of section 408(a) of the Department of Labor, Room N–1515, Employee Retirement Income Security Proposed Exemptions From Certain 200 Constitution Avenue NW., Prohibited Transaction Restrictions Act of 1974, as amended, (ERISA or the Washington, DC 20210. Act) and section 4975(c)(2) of the AGENCY: Employee Benefits Security Warning: All comments will be made Internal Revenue Code of 1986, as Administration, Labor. available to the public. Do not include amended (the Code), and in accordance ACTION: Notice of proposed exemptions. any personally identifiable information with the procedures set forth in 29 CFR (such as Social Security number, name, part 2570, subpart B (76 FR 66637, SUMMARY: This document contains address, or other contact information) or 66644, October 27, 2011).2 notices of pendency before the confidential business information that Section I: Covered Transactions Department of Labor (the Department) of you do not want publicly disclosed. All proposed exemptions from certain of the comments may be posted on the Internet If the proposed temporary exemption prohibited transaction restrictions of the and can be retrieved by most Internet is granted, certain entities with Employee Retirement Income Security search engines. specified relationships to Royal Bank of Act of 1974 (ERISA or the Act) and/or Canada Trust Company (Bahamas) SUPPLEMENTARY INFORMATION: the Internal Revenue Code of 1986 (the Limited (hereinafter, the RBC QPAMs, Code). This notice includes the Notice to Interested Persons as further defined in Section II(b)) shall following proposed exemptions: D– not be precluded from relying on the 11868, Royal Bank of Canada (together Notice of the proposed exemptions exemptive relief provided by Prohibited with its current and future affiliates, will be provided to all interested Transaction Exemption (PTE) 84–14,3 RBC or the Applicant); D–11875, persons in the manner agreed upon by notwithstanding a judgment of Northern Trust Corporation (together the applicant and the Department conviction against Royal Bank of with its current and future affiliates, within 15 days of the date of publication Canada Trust Company (Bahamas) Northern or the Applicant; and D– in the Federal Register. Such notice Limited for aiding and abetting tax 11879, Proposed Extension of PTE shall include a copy of the notice of fraud, to be entered in France in the 2015–15 involving Deutsche Bank AG proposed exemption as published in the District Court of Paris (the Conviction, (Deutsche Bank). Federal Register and shall inform as further defined in Section II(a)),4 for DATES: All interested persons are invited interested persons of their right to a period of up to twelve months to submit written comments or requests comment and to request a hearing beginning on the date of the Conviction for a hearing on the pending (where appropriate). (the Conviction Date), provided that the exemptions, unless otherwise stated in The proposed exemptions were following conditions are satisfied: the Notice of Proposed Exemption, requested in applications filed pursuant (a) The RBC QPAMs (including their within 45 days from the date of to section 408(a) of the Act and/or officers, directors, agents other than publication of this Federal Register section 4975(c)(2) of the Code, and in RBC, and employees of such RBC Notice. accordance with procedures set forth in QPAMs) did not know of, have reason 29 CFR part 2570, subpart B (76 FR to know of, or participate in the ADDRESSES: Comments and requests for 66637, 66644, October 27, 2011).1 criminal conduct of RBCTC Bahamas a hearing should state: (1) The name, Effective December 31, 1978, section that is the subject of the Conviction (for address, and telephone number of the 102 of Reorganization Plan No. 4 of purposes of this paragraph (a), person making the comment or request, 1978, 5 U.S.C. App. 1 (1996), transferred ‘‘participate in’’ includes the knowing and (2) the nature of the person’s the authority of the Secretary of the or tacit approval of the misconduct interest in the exemption and the Treasury to issue exemptions of the type underlying the Conviction); manner in which the person would be requested to the Secretary of Labor. (b) The RBC QPAMs (including their adversely affected by the exemption. A Therefore, these notices of proposed officers, directors, agents other than request for a hearing must also state the exemption are issued solely by the RBC, and employees of such RBC issues to be addressed and include a Department. QPAMs) did not receive direct general description of the evidence to be compensation, or knowingly receive The applications contain presented at the hearing. indirect compensation, in connection representations with regard to the All written comments and requests for with the criminal conduct that is the proposed exemptions which are a hearing (at least three copies) should subject of the Conviction; be sent to the Employee Benefits summarized below. Interested persons are referred to the applications on file Security Administration (EBSA), Office 2 For purposes of this proposed temporary of Exemption Determinations, U.S. with the Department for a complete exemption, references to section 406 of Title I of the Department of Labor, 200 Constitution statement of the facts and Act, unless otherwise specified, should be read to Avenue NW., Suite 400, Washington, representations. refer as well to the corresponding provisions of section 4975 of the Code. DC 20210. Attention: Application No. Royal Bank of Canada (Together With 3 49 FR 9494 (March 13, 1984), as corrected at 50 ll, stated in each Notice of Proposed Its Current and Future Affiliates, RBC FR 41430 (October 10, 1985), as amended at 70 FR Exemption. Interested persons are also or the Applicant), Located in Toronto, 49305 (August 23, 2005), and as amended at 75 FR invited to submit comments and/or 38837 (July 6, 2010). Ontario, Canada 4 hearing requests to EBSA via email or Section I(g) of PTE 84–14 generally provides [Exemption Application No. D–11868] that ‘‘[n]either the QPAM nor any affiliate thereof FAX. Any such comments or requests . nor any owner . of a 5 percent or more interest should be sent either by email to: in the QPAM is a person who within the 10 years [email protected], or by FAX to 1 The Department has considered exemption immediately preceding the transaction has been applications received prior to December 27, 2011 either convicted or released from imprisonment, (202) 693–8474 by the end of the under the exemption procedures set forth in 29 CFR whichever is later, as a result of’’ certain felonies scheduled comment period. The part 2570, subpart B (55 FR 32836, 32847, August including income tax evasion, and aiding and applications for exemption and the 10, 1990). abetting tax evasion. VerDate Sep<11>2014 17:46 Oct 11, 2016 Jkt 238001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4703 E:\FR\FM\12OCN3.SGM 12OCN3 mstockstill on DSK3G9T082PROD with NOTICES3 Federal Register / Vol. 81, No. 197 / Wednesday, October 12, 2016 / Notices 70563 (c) The RBC QPAMs will not employ on behalf of ERISA-covered plans or agreement, or contract between an RBC or knowingly engage any of the IRAs are materially accurate and QPAM and an ERISA-covered plan or individuals that participated in the complete, to the best of such QPAM’s IRA for which an RBC QPAM provides criminal conduct that is the subject of knowledge at that time; asset management or other discretionary the Conviction (for purposes of this (v) The RBC QPAM does not make fiduciary services, each RBC QPAM paragraph (c), ‘‘participated in’’ material misrepresentations or omit agrees: includes the knowing or tacit approval material information in its (1) To comply with ERISA and the of the misconduct underlying the communications with such regulators Code, as applicable with respect to such Conviction); with respect to ERISA-covered plans or ERISA-covered plan or IRA; to refrain (d) An RBC QPAM will not use its IRAs, or make material from engaging in prohibited transactions authority or influence to direct an misrepresentations or omit material that are not otherwise exempt (and to ‘‘investment fund,’’ (as defined in information in its communications with promptly correct any inadvertent Section VI(b) of PTE 84–14) that is ERISA-covered plan and IRA clients; prohibited transactions); and to comply subject to ERISA or the Code and (vi) The RBC QPAM complies with with the standards of prudence and managed by such RBC QPAM, to enter the terms of this temporary exemption, loyalty set forth in section 404 of ERISA into any transaction with RBCTC if granted; and with respect to each such ERISA- Bahamas or engage RBCTC Bahamas to (vii) Any violation of, or failure to covered plan and IRA; comply with, an item in subparagraph provide any service to such investment (2) Not to require (or otherwise cause) (ii) through (vi), is corrected promptly fund, for a direct or indirect fee borne the ERISA-covered plan or IRA to upon discovery, and any such violation by such investment fund, regardless of waive, limit, or qualify the liability of or compliance failure not promptly whether such transaction