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DOL Offers Credit Suisse 5-Year Reprieve for Retirement Accounts

July 15, 2019, 5:18 PM

Trump administration officials would allow retirement planners associated with Credit Suisse AG to keep managing assets for five more years with continued oversight.

The global bank was convicted of violating U.S. tax laws in late 2014. Associated financial professionals remain authorized to handle federally protected investments via stopgap arrangements.

The latest round of regulatory relief carved out for qualified professional asset managers (QPAMs) bound by the Employee Retirement Income Security Act of 1974 extends by five years the existing work-around to the prohibited transactions rules. Those who violate standards mandating the prudent care of pension funds are typically barred from ...