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Deutsche Bank Gets Extension of Asset Manager Relief

Oct. 27, 2016, 3:53 PM

Deutsche Bank AG has a temporary federal green light to continue allowing qualified asset managers affiliated with a South Korean subsidiary to serve retirement plans despite the conviction of employees at the subsidiary for stock market manipulation.

The Department of Labor granted the Frankfurt-based bank a temporary prohibited transaction exemption (PTE 2015-15) in 2015. The DOL’s extension took effect this week and will end on the earlier of April 23, 2017, or the effective date of a final action by the department on Deutsche Bank’s request for more permanent relief.

The DOL provided similar temporary extensions ...