{"abstract":"This document provides notice of the pendency before the Department of Labor (the Department) of a proposed individual exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986 (the Code). The proposed exemption would allow certain entities with specified relationships to Northern Trust Fiduciary Services (Guernsey) Limited (NTFS) (hereinafter, the Northern QPAMs, as further defined in section I(e) of the operative language) to rely on the exemptive relief provided by Prohibited Transaction Class Exemption 84-14 (PTE 84-14 or the QPAM Exemption), notwithstanding the judgment of conviction (the Conviction) against NTFS for aiding and abetting tax fraud entered in France in the Paris Court of Appeal, French Special Prosecutor No. 1120392066, French Investigative Judge No. JIRSIF/11/12.","action":"Notice of proposed exemption.","agencies":[{"raw_name":"DEPARTMENT OF LABOR","name":"Labor Department","id":271,"url":"https://www.federalregister.gov/agencies/labor-department","json_url":"https://www.federalregister.gov/api/v1/agencies/271","parent_id":null,"slug":"labor-department"},{"raw_name":"Employee Benefits Security Administration","name":"Employee Benefits Security Administration","id":131,"url":"https://www.federalregister.gov/agencies/employee-benefits-security-administration","json_url":"https://www.federalregister.gov/api/v1/agencies/131","parent_id":271,"slug":"employee-benefits-security-administration"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2025/01/21/2025-01244.html","cfr_references":[],"citation":"90 FR 7174","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Exemption date: This proposed exemption would be in effect for a period of five years beginning on March 5, 2025, and ending on March 4, 2030 (the Exemption Period).","disposition_notes":null,"docket_ids":["Exemption Application No. D-12101"],"dockets":[],"document_number":"2025-01244","effective_on":"2025-03-05","end_page":7190,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2025/01/21/2025-01244.xml","html_url":"https://www.federalregister.gov/documents/2025/01/21/2025-01244/proposed-exemption-from-certain-prohibited-transaction-restrictions-involving-northern-trust","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2025-01244?publication_date=2025-01-21","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2025-01-21/2025-01244/mods.xml","not_received_for_publication":null,"page_length":17,"page_views":{"count":965,"last_updated":"2026-07-26 10:15:03 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-01-21/pdf/2025-01244.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-01244.pdf?1737121516","publication_date":"2025-01-21","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2025/01/21/2025-01244.txt","regulation_id_number_info":{},"regulation_id_numbers":[],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2025-01-19T09:13:30Z"},"regulations_dot_gov_url":null,"significant":null,"signing_date":null,"start_page":7174,"subtype":null,"title":"Proposed Exemption From Certain Prohibited Transaction Restrictions Involving Northern Trust Corporation (Together With its Current and Future Affiliates, Northern or the Applicant) Located in Chicago, IL","toc_doc":"Certain Prohibited Transaction Restrictions Involving Northern Trust Corp. (Together with its Current and Future Affiliates), Located in Chicago, IL","toc_subject":"Exemption","topics":[],"type":"Notice","volume":90}