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DOL/EBSA RIN: 1210-AC05 Publication ID: Fall 2023 
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. On August 22, 2022, the Department published a notice announcing a virtual public hearing would be held on September 15, 2022, and the comment period will reopen beginning on the hearing date until approximately 14 days after the Department publishes the hearing transcript on EBSA's web page. On October 17, 2022, the Department published a Federal Register notice announcing that the hearing transcript was posted on EBSA’s website and the comment period was reopened until October 28, 2022.

Agency: Department of Labor(DOL)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final 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 
NPRM Comment Period Reopened and Notice of Public Hearing   08/22/2022  87 FR 51299   
Public Hearing  09/15/2022 
Notice of Public Hearing Transcript Posting  10/17/2022  87 FR 62751   
NPRM Comment Period Reopened End  10/28/2022 
Final Rule  12/00/2023 
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
Director, Office of Exemption Determinations
Department of Labor
Employee Benefits Security Administration
400200 Constitution Avenue NW, Room N-5461,
Washington, DC 20001
Phone:202 693-8425