Withdrawal of the Notice of Proposed Exemption Involving Deutsche Bank AG (DB); Located in Germany, With Affiliates in New York, NY and Other Locations, 42129 [E7-14880]
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Federal Register / Vol. 72, No. 147 / Wednesday, August 1, 2007 / Notices
practitioner be, and it hereby is, denied.
This order is effective August 31, 2007.
Dated: July 20, 2007.
Michele M. Leonhart,
Deputy Administrator.
[FR Doc. E7–14820 Filed 7–31–07; 8:45 am]
BILLING CODE 4410–09–P
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
[Application No. D–11324]
Withdrawal of the Notice of Proposed
Exemption Involving Deutsche Bank
AG (DB); Located in Germany, With
Affiliates in New York, NY and Other
Locations
In the Federal Register dated
February 13, 2007, (72 FR 6747), the
Department of Labor (the Department)
published a notice of pendency (the
Notice) of a proposed exemption from
the prohibited transaction restrictions of
the Employee Retirement Income
Security Act of 1974 and from certain
taxes imposed by the Internal Revenue
Code of 1986. The Notice concerned an
application filed on behalf of DB and its
affiliates (the Applicants) which would
have amended and superseded
Prohibited Transaction Exemption
2003–24 (PTE 2003–24) (68 FR 48637,
August 14, 2003, as corrected, 68 FR
55993, September 29, 2003) with respect
to the Applicants.
By e-mail dated June 19, 2007, the
Applicants requested that the
application for exemption be
withdrawn. Accordingly, the
Department has determined to withdraw
the above-cited Notice.
FOR FURTHER INFORMATION CONTACT:
Angelena C. Le Blanc of the Department,
telephone (202) 693–8540. (This is not
a toll-free number.)
Signed at Washington, DC, this 27th day of
July 2007.
Ivan L. Strasfeld,
Director of Exemption Determinations,
Employee Benefits Security Administration,
U.S. Department of Labor.
[FR Doc. E7–14880 Filed 7–31–07; 8:45 am]
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Statutory Findings
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
Prohibited Transaction Exemption
2007–10 Through 2007–13; Grant of
Individual Exemptions involving; D–
11393 & D–11394, (PTE 2007–10), Paul
Niednagel IRAs and Lynne Niednagel
IRAs (Collectively, the IRAs); D–11406,
(PTE 2007–11), The Revlon Employees
Savings, Investment and Profit Sharing
Plan (the Plan); L–11365, (PTE 2007–
12), American Maritime Officers Safety
& Education Plan (the S&E Plan); and
L–11382, (PTE 2007–13), Sheet Metal
Workers Local Union 17 Insurance
Fund (the Fund)
Employee Benefits Security
Administration, Labor.
AGENCY:
ACTION:
Grant of individual exemptions.
SUMMARY: This document contains
exemptions issued by the Department of
Labor (the Department) from certain of
the prohibited transaction restrictions of
the Employee Retirement Income
Security Act of 1974 (ERISA or the Act)
and/or the Internal Revenue Code of
1986 (the Code).
A notice was published in the Federal
Register of the pendency before the
Department of a proposal to grant such
exemption. The notice set forth a
summary of facts and representations
contained in the application for
exemption and referred interested
persons to the application for a
complete statement of the facts and
representations. The application has
been available for public inspection at
the Department in Washington, DC. The
notice also invited interested persons to
submit comments on the requested
exemption to the Department. In
addition the notice stated that any
interested person might submit a
written request that a public hearing be
held (where appropriate). The applicant
has represented that it has complied
with the requirements of the notification
to interested persons. No requests for a
hearing were received by the
Department. Public comments were
received by the Department as described
in the granted exemption.
The notice of proposed exemption
was issued and the exemption is being
granted solely by the Department
because, effective December 31, 1978,
section 102 of Reorganization Plan No.
4 of 1978, 5 U.S.C. App. 1 (1996),
transferred the authority of the Secretary
of the Treasury to issue exemptions of
the type proposed to the Secretary of
Labor.
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42129
In accordance with section 408(a) of
the Act and/or section 4975(c)(2) of the
Code and the procedures set forth in 29
CFR part 2570, subpart B (55 FR 32836,
32847, August 10, 1990) and based upon
the entire record, the Department makes
the following findings:
(a) The exemption is administratively
feasible;
(b) The exemption is in the interests
of the plan and its participants and
beneficiaries; and
(c) The exemption is protective of the
rights of the participants and
beneficiaries of the plan.
Paul Niednagel IRAs and Lynne
Niednagel IRAs (collectively, the IRAs),
Located in Laguna Niguel, California
[Prohibited Transaction Exemption 2007–10;
Exemption Application Numbers: D–11393
and D–11394]
Exemption
The sanctions resulting from the
application of section 4975 of the Code,
by reason of sections 4975(c)(1)(D) and
(E) of the Code, shall not apply to the
purchase (the Purchase) by the
respective IRAs 1 of Paul and Lynne
Niednagel (the Account Holders) of
certain ownership interests (the Units)
from Pacific Island Investment Partners,
LLC. (Pacific Island) (the issuer of the
Units), an entity which is indirectly
controlled by Daniel and Stephen
Niednagel (the Principals), both of
whom are lineal descendents of the
Account Holders and therefore
disqualified persons with respect to the
IRAs, provided that the following
conditions are satisfied:
Conditions
(a) The Purchase of the Units by each
IRA is for cash;
(b) The price paid by each IRA to
purchase a Unit ($10,000) is identical to
the price paid by other Pacific Island
investors to acquire a Unit;
(c) The terms and conditions of each
Purchase are at least as favorable as
those available in an arm’s length
transaction with an unrelated third
party;
(d) Each IRA does not pay any
commissions or other expenses in
connection with each Purchase; and
(e) Each IRA does not acquire Units if,
after acquisition, the aggregate fair
market value of the Units would exceed
25% of the fair market value of such
IRA.
1 Because each IRA has only one participant,
there is no jurisdiction under 29 CFR § 2510.3–3(b).
However, there is jurisdiction under Title II of the
Act pursuant to section 4975 of the Code.
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[Federal Register Volume 72, Number 147 (Wednesday, August 1, 2007)]
[Notices]
[Page 42129]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-14880]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
[Application No. D-11324]
Withdrawal of the Notice of Proposed Exemption Involving Deutsche
Bank AG (DB); Located in Germany, With Affiliates in New York, NY and
Other Locations
In the Federal Register dated February 13, 2007, (72 FR 6747), the
Department of Labor (the Department) published a notice of pendency
(the Notice) of a proposed exemption from the prohibited transaction
restrictions of the Employee Retirement Income Security Act of 1974 and
from certain taxes imposed by the Internal Revenue Code of 1986. The
Notice concerned an application filed on behalf of DB and its
affiliates (the Applicants) which would have amended and superseded
Prohibited Transaction Exemption 2003-24 (PTE 2003-24) (68 FR 48637,
August 14, 2003, as corrected, 68 FR 55993, September 29, 2003) with
respect to the Applicants.
By e-mail dated June 19, 2007, the Applicants requested that the
application for exemption be withdrawn. Accordingly, the Department has
determined to withdraw the above-cited Notice.
FOR FURTHER INFORMATION CONTACT: Angelena C. Le Blanc of the
Department, telephone (202) 693-8540. (This is not a toll-free number.)
Signed at Washington, DC, this 27th day of July 2007.
Ivan L. Strasfeld,
Director of Exemption Determinations, Employee Benefits Security
Administration, U.S. Department of Labor.
[FR Doc. E7-14880 Filed 7-31-07; 8:45 am]
BILLING CODE 4510-29-P
