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DOL/EBSA RIN: 1210-AC05 Publication ID: Spring 2022 
Title: Prohibited Transaction Exemption Procedures 

The Proposed Exemption Procedure Regulation amendment would revise the Department’s procedure for granting prohibited transaction exemptions, which was last updated in 2011 (29 CFR 2570.30 et seq.). While some of the revisions are designed to improve the readability of the procedure, the majority reflect changes in the Department's exemption application review processes that have occurred since the Department last updated the exemption procedure regulation in 2011. Specifically, among other things, the proposed amendment would: (1) clarify the types of information and documentation required for a complete application; (2) revise the definitions of a qualified independent fiduciary and qualified independent appraiser in order to ensure their independence; (3) clarify the content of specific reports and documents applicants must submit in order to ensure that the Department receives sufficient information to make the requisite findings under ERISA section 408(a) to issue an exemption; (4) update various timing requirements to ensure clarity in the application review process; (5) clarify items that are included in the administrative record for an application and when the administrative record is available for public inspection; and (6) expand opportunities for applicants to submit information to the Department electronically.

The proposed amendment was published on March 15, 2022, with a 30-day comment period that was scheduled to expire on April 14, 2022. On April 8, 2022, the Department extended the comment period for an addition 45 days (until May 29, 2022) to provide interested parties with a full opportunity to comment. Currently, the Department is engaged in the process of reviewing comments as they are submitted.

Agency: Department of Labor(DOL)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: Undetermined 
CFR Citation: 29 CFR 2570   
Legal Authority: 29 U.S.C. 1108   
Legal Deadline:  None
Action Date FR Cite
NPRM  03/15/2022  87 FR 14722   
NPRM Comment Period Extended  04/12/2022  87 FR 21600   
NPRM Comment Period Extended End  05/29/2022 
Analyze Comments  06/00/2022 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
G. Christopher Cosby
Acting Director, Office of Exemption Determinations
Department of Labor
Employee Benefits Security Administration
122 C Street NW, Suite 400,
Washington, DC 20001
Phone:202 693-8425