Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20261 

1 49 FR 9494 (March 13, 1984), as corrected at 50 

FR 41430 (October 10, 1985), as amended at 70 FR 

49305 (August 23, 2005), and as amended at 75 FR 

38837 (July 6, 2010). 

Notice to Interested Persons 

Notice of the proposed exemption 

will be given to all Union members 

within 15 days of the publication of the 

notice of proposed exemption in the 

Federal Register, by first class U.S. mail 

to the last known address of all such 

individuals, and by posting in the 

Union hall in a prominent location. 

Such notice will contain a copy of the 

notice of proposed exemption, as 

published in the Federal Register, and 

a supplemental statement, as required 

pursuant to 29 CFR 2570.43(a)(2). The 

supplemental statement will inform 

interested persons of their right to 

comment on and to request a hearing 

with respect to the pending exemption. 

Written comments and hearing requests 

are due within 45 days of the 

publication of the notice of proposed 

exemption in the Federal Register. All 

comments will be made available to the 

public. 

Warning: Do not include any 

personally identifiable information 

(such as name, address, or other contact 

information) or confidential business 

information that you do not want 

publicly disclosed. All comments may 

be posted on the Internet and can be 

retrieved by most Internet search 

engines. 

FOR FURTHER INFORMATION CONTACT: 

Erica R. Knox of the Department, 

telephone (202) 693–8644. (This is not 

a toll-free number.) 

General Information 

The attention of interested persons is 

directed to the following: 

(1) The fact that a transaction is the 

subject of an exemption under section 

408(a) of the Act and/or section 

4975(c)(2) of the Code does not relieve 

a fiduciary or other party in interest or 

disqualified person from certain other 

provisions of the Act and/or the Code, 

including any prohibited transaction 

provisions to which the exemption does 

not apply and the general fiduciary 

responsibility provisions of section 404 

of the Act, which, among other things, 

require a fiduciary to discharge his 

duties respecting the plan solely in the 

interest of the participants and 

beneficiaries of the plan and in a 

prudent fashion in accordance with 

section 404(a)(1)(b) of the Act; nor does 

it affect the requirement of section 

401(a) of the Code that the plan must 

operate for the exclusive benefit of the 

employees of the employer maintaining 

the plan and their beneficiaries; 

(2) Before an exemption may be 

granted under section 408(a) of the Act 

and/or section 4975(c)(2) of the Code, 

the Department must find that the 

exemption is administratively feasible, 

in the interests of the plan and of its 

participants and beneficiaries, and 

protective of the rights of participants 

and beneficiaries of the plan; 

(3) The proposed exemptions, if 

granted, will be supplemental to, and 

not in derogation of, any other 

provisions of the Act and/or the Code, 

including statutory or administrative 

exemptions and transitional rules. 

Furthermore, the fact that a transaction 

is subject to an administrative or 

statutory exemption is not dispositive of 

whether the transaction is in fact a 

prohibited transaction; and 

(4) The proposed exemptions, if 

granted, will be subject to the express 

condition that the material facts and 

representations contained in each 

application are true and complete, and 

that each application accurately 

describes all material terms of the 

transaction which is the subject of the 

exemption. 

Signed at Washington, DC, this 9th day of 

April, 2015. 

Lyssa E. Hall, 

Director, Office of Exemption Determinations, 

Employee Benefits Security Administration. 

[FR Doc. 2015–08565 Filed 4–14–15; 8:45 am] 

BILLING CODE 4510–29–P 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

[Prohibited Transaction Exemption 2015– 

06; Application No. D–11827] 

Notice of Exemption Involving BNP 

Paribas, S.A. (BNP or the Applicant); 

Located in Paris, France 

AGENCY: Employee Benefits Security 

Administration, U.S. Department of 

Labor. 

ACTION: Notice of Exemption. 

SUMMARY: This document contains a 

notice of exemption issued by the 

Department of Labor (the Department) 

from certain prohibited transaction 

restrictions of the Employee Retirement 

Income Security Act of 1974, as 

amended (ERISA), and the Internal 

Revenue Code of 1986, as amended (the 

Code). The exemption affects the ability 

of certain entities with specified 

relationships to BNP to continue to rely 

upon the relief provided by Prohibited 

Transaction Class Exemption 84–14. 

DATES: Effective Date: This exemption is 

effective as of the earliest date a 

judgment of conviction against BNP is 

entered in either: (1) Case Number 14– 

cr–00460 (LGS) in the District Court for 

the Southern District of New York; or (2) 

Case Number 2014 NY 051231 in the 

Supreme Court of the State of New 

York, County of New York. 

FOR FURTHER INFORMATION CONTACT: 

Scott Ness, telephone (202) 693–8561, 

Office of Exemption Determinations, 

Employee Benefits Security 

Administration, U.S. Department of 

Labor (these are not toll-free numbers). 

SUPPLEMENTARY INFORMATION: On 

November 26, 2014, the Department of 

Labor (the Department) published a 

notice of proposed exemption in the 

Federal Register at 79 FR 70661, for 

certain entities with specified 

relationships to BNP to continue rely 

upon the relief provided by Prohibited 

Transaction Class Exemption (PTE) 84– 

14,1 notwithstanding judgments of 

conviction against BNP in: (1) Case 

Number 14-cr-00460 (LGS) in the 

District Court for the Southern District 

of New York for conspiracy to commit 

an offense against the United States in 

violation of Title 18, United States 

Code, Section 371, by conspiring to 

violate the International Emergency 

Economic Powers Act, codified at Title 

50, United States Code, Section 1701 et 

seq., and regulations issued thereunder, 

and the Trading with the Enemy Act, 

codified at Title 50, United States Code 

Appendix, Section 1 et seq., and 

regulations issued thereunder; and (2) 

Case Number 2014 NY 051231 in the 

Supreme Court of the State of New 

York, County of New York for falsifying 

business records in the first degree, in 

violation of Penal Law § 175.10, and 

conspiracy in the fifth degree, in 

violation of Penal Law § 105.05(1). 

The proposed exemption contains 

conditions described in the QPAM class 

exemption, as well as a set of additional 

conditions, that must be satisfied in 

order for asset managers with specified 

relationships to BNP to engage in the 

transactions described in the QPAM 

class exemption. The individual 

exemption was requested by BNP 

pursuant to section 408(a) of ERISA and 

section 4975(c)(2) of the Code, and in 

accordance with the procedures set 

forth in 29 CFR part 2570, subpart B (76 

FR 66637, 66644, October 27, 2011). 

Effective December 31, 1978, section 

102 of the Reorganization Plan No. 4 of 

1978, 5 U.S.C. App. 1 (1996), transferred 

the authority of the Secretary of the 

Treasury to issue administrative 

exemptions under section 4975(c)(2) of 

the Code to the Secretary of Labor. 


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20262 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

Written Comments 

The Department invited all interested 

persons to submit written comments 

and/or requests for a public hearing 

with respect to the notice of proposed 

exemption published in the Federal 

Register. During the comment period, 

the Department received two written 

comments on the proposed exemption, 

one from Public Citizen (a public 

interest group) in opposition of the 

exemption, and the other from BNP. 

A discussion of Public Citizen’s 

comment and BNP’s comment follows 

below. Any capitalized terms used 

herein that are not otherwise defined 

have the meanings ascribed to them in 

the Summary of Facts and 

Representations in the notice of 

proposed exemption. 

Public Citizen’s Comments Relating to 

Criminal Activity of BNP 

Public Citizen stated that legal tools, 

such as denial of the exemption, should 

be used to prevent criminal behavior. 

Public Citizen further asserted that 

convicted entities should not be 

permitted to engage in ‘‘[c]omplex or 

higher risk investments,’’ and that the 

lack of a criminal record should be a 

prerequisite to manage investments. 

Public Citizen also questioned certain 

BNP representations that plans would 

incur substantial costs as a result of BNP 

Affiliated QPAMs and BNP Related 

QPAMs (collectively, the BNP QPAMs) 

losing their ability to rely upon the 

relief in PTE 84–14 due to the 

Convictions. Public Citizen stated 

further that while punishment that 

penalizes employees who did no wrong 

should be avoided, ‘‘collateral damage’’ 

cannot always justify an exemption. 

Instead, it argues that an appropriate 

inquiry should be whether plan clients 

of the affected BNP QPAMs receive 

better investment returns from 

investment activities requiring reliance 

on PTE 84–14 than they would 

otherwise receive. 

Department’s Response 

The Department notes that PTE 84–14 

was granted based on an effort to 

improve the administration of the 

prohibited transaction rules of ERISA. 

Those rules prohibit various 

transactions between plans and certain 

parties in interest. The prohibited 

transaction rules sweep very broadly 

and, in some circumstances, could work 

to prevent beneficial transactions. For 

example, large employers and funds 

necessarily engage in a wide range of 

transactions with parties in interest that 

pose little danger to plan participants. 

For example, all of the different service 

providers to plans are technically 

parties in interest. Accordingly, 

Congress gave the Department authority 

to issue exemptions from the broad 

reach of the prohibited transaction rules 

where it has determined that such 

exemptions are in the interest of, and 

protective of, affected plans and the 

participants and beneficiaries thereof, as 

well as administratively feasible. 

Prohibited Transaction Exemption 

84–14 (the QPAM Exemption) is one 

such exemption. A QPAM is a 

‘‘Qualified Professional Asset Manager.’’ 

By definition, QPAMs are large 

regulated banks, savings and loan 

associations, insurance companies or 

federally registered investment advisors 

that meet certain standards of size and 

independence. PTE 84–14 permits these 

independent plan asset managers to 

engage in a variety of beneficial arm’s 

length transactions with parties in 

interest that would otherwise be 

prohibited. Under Part I of the class 

exemption, QPAMs cannot: Engage in 

self-dealing transactions; act in their 

own interest or the interest of their 

affiliates; and/or engage in transactions 

with parties that are in a position to 

affect their independent judgment, such 

as persons with ownership interests in 

the QPAM. 

Primarily, PTE 84–14 simply permits 

QPAMs to engage in various arm’s 

length transactions with parties in 

interest and obviates the need to 

undertake time consuming compliance 

checks for parties in interest, forego 

investment opportunities, or seek an 

individual exemption from the 

Department for each transaction. The 

conditions in the exemption were 

designed to ensure that the transactions 

covered therein are protective of and 

beneficial to affected plans. 

The scope of the anti-criminal 

provision set forth in section I(g)of PTE 

84–14 is very broad and covers entities 

with various relationships to a 

convicted entity. Some of those entities 

may not have had the ability to 

influence the policies, procedures or 

practices of the convicted entity; and 

they may not have been in a position to 

be influenced by the policies, 

procedures or practices of the convicted 

entity. Nevertheless, a consequence of 

the conviction of an entity with a 

business relationship to one or more 

QPAMs is that the QPAMs lose the 

ability to rely on the exemption for 10 

years following the date of the 

conviction, unless granted individual 

exemptions. 

In reviewing applications for such 

exemptions, the Department will on a 

case-by-case basis consider the 

circumstances relating to the loss of 

QPAM status, and the specific 

conditions necessary to prevent 

potential abuse. Of particular 

importance is the degree to which the 

investment and compliance operations 

of the QPAM can be sufficiently isolated 

from the influence of ‘‘bad actors’’. 

Based on such considerations, the 

Department has previously granted 

conditional individual exemptions that 

permit asset managers to continue to 

engage in the transactions described in 

PTE 84–14, notwithstanding that the 

asset managers were affiliated with, or 

otherwise related to, a convicted entity. 

The Department has carefully 

considered Public Citizen’s argument 

that BNP’s exemption application 

should be rejected in order to deter 

criminal activity, the Department has 

concluded, however, that the interests 

of plan participants would be better 

protected by imposition of the stringent 

conditions set forth herein. It is unclear 

that the denial of the exemption 

application would have any meaningful 

effect on BNP’s behavior. Moreover, the 

final exemption granted herein should 

promote adherence to strict fiduciary 

standards, insulate plans from any bad 

actors, and provide much or all of the 

deterrent effect that would have been 

achieved through outright denial. 

In this regard, it should be 

emphasized that BNP itself cannot act as 

a QPAM under the terms of the 

exemption, and that the BNP QPAMs 

were not involved in the criminal 

activities that give rise to the 

Convictions. Nor is the Department 

aware of any evidence that the 

investment management activities of the 

BNP QPAMs were affected, in any way, 

by BNP’s criminal activities. Moreover, 

denial of the requested exemption 

would deprive BNP-related asset 

managers from the ability to act as 

QPAMs. It would not bar them from 

continuing to manage plan assets, and 

such managers could continue to engage 

in a wide range of transactions on behalf 

of those plans. 

The Department also notes Public 

Citizen’s comments regarding the 

complexity of the transactions engaged 

in by BNP QPAMs, the relative 

investment returns of funds managed by 

those QPAMs, and the cost to plans for 

switching to a new QPAM. 

Undoubtedly, these are important issues 

that should be considered by the 

independent plan fiduciaries who hire 

or retain BNP asset managers. The 

Department does not believe these 

considerations are relevant, however, to 

its determination as to whether the BNP 

QPAMs may continue to engage in the 

transactions described in PTE 84–14 in 

light of the Convictions. 


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Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20263 

Public Citizen’s Comments Regarding 

BNP Employees 

Public Citizen states that none of the 

individuals involved in the conduct 

underlying the Convictions should be 

allowed to manage ERISA and IRA 

assets. Public Citizen additionally 

questions whether it can be verified that 

employees of the BNP QPAMs were not 

involved in the crimes, and asserts that 

BNP should identify the individuals 

that participated in the criminal 

conduct so that the Department can 

confirm that they are not involved in 

oversight of the BNP QPAMs. 

The Department’s Response 

The Department believes that Public 

Citizen’s concern is substantially 

addressed in the exemption as originally 

proposed, through Subsection I(f), 

which requires that each ‘‘BNP 

Affiliated QPAM,’’ as defined in the 

exemption, ensure that none of its 

employees or agents, if any, that were 

involved in the criminal conduct that 

underlies the Convictions will engage in 

transactions on behalf of any investment 

fund subject to ERISA and managed by 

such BNP Affiliated QPAM. 

Unlike the conditions which are 

subject to correction in conjunction 

with the audit requirement, Subsection 

I(f) is not correctable through the audit 

process. Rather, a failure to abide by this 

condition will immediately and 

irrevocably disqualify a BNP Affiliated 

QPAM from the relief in this exemption 

for the entire period of the exemption. 

As with every condition of the 

exemption, the BNP Affiliated QPAMs 

must be able, at all times, to adequately 

demonstrate that this requirement has 

been met. 

Public Citizen’s Comment Regarding the 

Auditor 

Public Citizen also questions the 

independence of the auditor required 

under the proposed exemption, and 

makes a request that the auditor be 

chosen by the Department (or subject to 

the Department’s approval), that the 

auditor’s reports be made public, 

including a description of instances 

wherein BNP Affiliated QPAMs were 

required to take remedial action, and 

that the auditor’s reports be provided to 

the Department so that it may review 

the auditor’s findings. 

The Department’s Response 

The Department notes that a robust 

audit conducted by a sophisticated 

independent auditor, for the entire 

period covered by this exemption, is an 

important condition for relief under this 

exemption. The Department has taken 

care to ensure the independence and 

rigor of the audit; it has tightened the 

stringency of the audit conditions from 

the original proposal; and it has 

enhanced its ability to exercise 

oversight, if necessary. For example, 

new Subsection I(h)(2) provides that the 

BNP Affiliated QPAMs and, if 

applicable, BNP, will provide the 

auditor ‘‘unconditional access to its 

business, including, but not limited to: 

Its computer systems, business records, 

transactional data, workplace locations, 

training materials, and personnel.’’ 

Former Subsections I(h)(2) through 

I(h)(8) have been renumbered as I(h)(3) 

through I(h)(9). In former Subsection 

I(h)(4), now Subsection I(h)(5), the 

Department substituted the word 

‘‘procedures’’ for ‘‘steps’’ in the first 

sentence; the Department also added the 

phrase ‘‘and compliance with’’ to the 

second sentence to reinforce the 

requirement that the auditor test for 

operational compliance with the 

Policies and Training requirements. The 

Department also added a new 

Subsection I(h)(10), which requires the 

BNP Affiliated QPAMs and the auditor 

to submit to the Department ‘‘(A) any 

engagement agreement(s) entered into 

pursuant to the engagement of the 

auditor under this exemption, and (B) 

any engagement agreement entered into 

with any other entities retained in 

connection with such QPAM’s 

compliance with the Training or 

Policies conditions of this exemption, 

no later than nine months after the date 

of the earlier of the Convictions (and 

one month after the execution of any 

agreement thereafter).’’ Additionally, 

the Department removed from former 

Subsection I(h)(5), now Subsection 

I(h)(6), the following two sentences: 

‘‘Upon request, the auditor shall provide 

OED with all of the relevant workpapers 

reflecting any instances of 

noncompliance. The workpapers shall 

include an explanation of any corrective 

or remedial actions taken by the 

respective BNP Affiliated QPAM.’’ A 

similar requirement that will be more 

broadly applicable to all of Section I(h) 

was moved to new Subsection I(h)(11) 

and requires the auditor to provide to 

OED, upon request, ‘‘all of the 

workpapers created and utilized in the 

course of the audit, including, but not 

limited to: The audit plan, audit testing, 

identification of any instances of 

noncompliance by the relevant BNP 

Affiliated QPAM, and an explanation of 

any corrective or remedial actions taken 

by the applicable BNP Affiliated 

QPAM.’’ 

The Department does not endorse the 

selection of any particular auditor. The 

Department instead sets a threshold for 

determining independence on behalf of 

the auditor and requires expertise in the 

appropriate field. With this in mind, 

Subsection I(h)(1) expressly requires 

retention of an ‘‘independent auditor, 

who has been prudently selected and 

who has appropriate technical training 

and proficiency with ERISA.’’ In the 

event that the Applicant contemplates 

replacing the current auditor, the 

exemption now requires BNP to notify 

the Department as to the identity of the 

replacement auditor at least 30 days 

prior to any such replacement, and BNP 

must be prepared to demonstrate to the 

Department’s satisfaction that such 

replaced auditor is independent of BNP, 

experienced in the matters that are the 

subject of the exemption, and capable of 

making the determinations required of 

this exemption. 

Importantly, the exemption language 

in Subsection I(h)(9), formerly 

Subsection I(h)(8), and new Subsection 

I(h)(11) expressly requires that the 

auditor’s reports (including instances of 

remedial action taken) be submitted to 

the Department. Furthermore, the 

exemption contains a condition in 

Subsection I(g)(1)(v) requiring that the 

‘‘BNP Affiliated QPAM does not make 

any material misrepresentations or omit 

material information in its 

communications with such regulators 

with respect to ERISA-covered plans 

. . .’’ which is an obligation specifically 

applicable to the audit reports 

submitted by the BNP Affiliated QPAMs 

and which is, therefore, a material 

condition for relief under this 

exemption. After the Department 

receives each audit report, the reports 

will become a part of the administrative 

record and available to the public 

through the Department’s Public 

Disclosure Room. 

Public Citizen’s Hearing Request 

Finally, Public Citizen requests that 

the Department hold a public hearing in 

connection with the proposed 

exemption. 

The Department’s Response 

Pursuant to the Department’s 

regulations at 29 CFR part 2570.46, the 

Department will grant a hearing request 

where it is necessary to fully explore 

material factual issues raised by the 

person who requested the hearing. 

The Department recognizes that 

Public Citizen’s comment letter also 

contains numerous legal and policy 

objections that are similar to the legal 

and policy objections it raised during a 

public hearing the Department held on 

January 15, 2015. That public hearing 

related to a request by Credit Suisse AG 

for an individual exemption by Credit 


tkelley on DSK3SPTVN1PROD with NOTICES
20264 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

Suisse AG, to permit Credit Suisse AGrelated asset managers to continue to 

engage in the types of transactions 

described in the PTE 84–14, 

notwithstanding certain convictions that 

were impending against Credit Suisse 

AG. 

Given that the legal and policy issues 

raised by Public Citizen in this case are 

not novel and were also raised and fully 

developed by them at a public hearing, 

and do not raise significant relevant 

factual issues concerning BNP, the 

Department has concluded that there is 

no need to hold an additional hearing in 

this case. Accordingly, the Department 

has determined not to hold a hearing. 

BNP’s Comment 

The Applicant’s comment requests 

several confirmations regarding the 

conditions of the proposed exemption, 

and provides clarifications and 

additional information in support of the 

Summary of Facts and Representations 

in the proposed exemption. The 

Applicant’s requests and clarifications, 

and the Department’s responses thereto, 

are as follows: 

1. Section I(e) 

The Applicant’s comment requests 

confirmation with regard to Section I(e) 

of the proposed exemption, which 

provides that a BNP Affiliated QPAM 

will not use its authority or influence to 

direct an investment fund managed by 

the QPAM to enter into any transaction 

with BNP or engage BNP to provide 

additional services for a fee paid by the 

investment fund. The Applicant 

requests that the Department confirm 

that this condition would not disallow 

a BNP Affiliated QPAM from trading in 

markets where BNP provides local 

subcustody services to global custodians 

of ERISA plans that are unaffiliated with 

BNP. According to the Applicant, to the 

extent that a BNP Affiliated QPAM 

enters into a transaction in a market 

where BNP is the local subcustodian, 

BNP might receive additional 

compensation from such global 

custodian. 

The Department declines to provide 

the confirmation requested above. In 

this regard, the Department is concerned 

about the potential for self-dealing 

inasmuch as, depending on the facts 

and circumstances, a BNP Affiliated 

QPAM might effectively use its 

‘‘authority or influence to direct’’ an 

investment fund to ‘‘enter into’’ a 

‘‘transaction with’’ BNP or ‘‘provide 

additional services, for a fee borne by’’ 

the investment fund. The Department 

notes however, that it is not expressing 

a view on whether any particular 

transaction would constitute a separate 

prohibited transaction under ERISA or 

the Code. 

2. Section I(g)(2) 

The Applicant’s comment requests 

confirmation with regard to Section 

I(g)(2) of the proposed exemption, 

which requires that each BNP Affiliated 

QPAM immediately develop and 

implement a program of training (the 

Training) conducted at least annually 

for relevant asset management, legal, 

compliance, and internal audit 

personnel and that ‘‘the Training shall 

be set forth in the Policies.’’ The 

Applicant requests that the Department 

confirm that this condition requires the 

Policies to expressly provide for the 

Training, but that the actual Training 

materials may be separate from the 

Policies and need not be duplicated 

verbatim within the Policies. 

The Department notes that 

participation in the Training is a crucial 

component of adhering to the Policies 

and of the exemptive relief. Therefore, 

the Department confirms that the actual 

Training materials need not be 

duplicated within the Policies so long as 

the Policies provide for and incorporate 

the Training requirement and provide 

specific details regarding the Training 

materials, including the identification of 

the particular training program and the 

primary training materials, the effective 

date(s) of any training manuals, and a 

brief outline of any information on the 

topics covered within the materials. 

3. Section I(h)(1) 

The Applicant’s comment requests 

confirmation with regard to Section 

I(h)(1) of the proposed exemption. 

Section I(h)(1) requires that the BNP 

Affiliated QPAMs submit to an annual 

audit conducted by an independent 

auditor. Pursuant to this condition, the 

first audit must cover the first six 

months following the earlier of the 

convictions, with each subsequent audit 

covering a corresponding twelve-month 

period. The Applicant requests 

confirmation that the final audit need 

only cover the last six months of the 

disqualifying period under Section I(g) 

of PTE 84–14. 

The Department clarifies that the final 

audit need only cover the remaining 

period under which this individual 

exemption is required. The Department 

adds that because there are two 

simultaneous cases that will lead to two 

separate Convictions (federal and state) 

for the same underlying conduct, the 

final period may be slightly longer than 

six months. That is, this individual 

exemption is effective upon the earlier 

of the two Convictions, but will remain 

in effect until ten years after the later of 

the two Convictions. 

4. Section I(l) 

The Applicant’s comment requests 

confirmation with regard to Section I(l) 

of the proposed exemption, which 

requires BNP to provide to interested 

persons a notice of the proposed 

exemption along with a separate 

summary describing the facts that led to 

the Convictions, and a prominently 

displayed statement that the 

Convictions result in a failure to meet a 

condition in PTE 84–14. The Applicant 

requests confirmation that the notice to 

interested persons required in 

accordance with Section (I)(l) was 

required to be sent only to ERISAcovered plans and IRAs that were 

clients as of the date the proposal was 

published in the Federal Register, and 

with respect to which PTE 84–14 may 

be used. Furthermore, the Applicant 

notes that Part II of the Form ADV is 

provided to each new separately 

managed account client and to the 

sponsor of each pooled fund prior to the 

inception of any asset management 

mandate. In the case of any banks or 

other entities that are not Registered 

Investment Advisors (and therefore do 

not maintain a Form ADV), the 

following disclosure will be included in 

the asset management or other account 

agreement: ‘‘In managing the account, 

[the Manager] may rely on the 

exemptive relief provided by U.S. 

Department of Labor Individual 

Prohibited Transaction Exemption 

2015–[XX]. The exemption enables 

[Manager] to act as a ‘‘qualified 

professional asset manager’’ under PTE 

84–14, notwithstanding the criminal 

conviction of an affiliate, BNP Paribas 

SA, for its role in certain U.S. dollar 

transactions involving parties subject to 

U.S. sanctions. [The Manager] was not 

involved in that conduct or that 

conviction. A copy of the proposed and 

final exemption may be found on the 

Department’s Web site, [http://

www.dol.gov/ebsa/regs/ind_

exemptionsmain.html].’’ 

The Department confirms that the 

Applicant properly interpreted the 

requirements related to notifying 

interested persons of the proposed 

exemption, subject to the understanding 

that prospectively, notice of BNP’s 

conviction must appear in both Part I 

and Part II of the Form ADVs of the BNP 

Affiliated QPAMs that are Registered 

Investment Advisers (RIAs) and remain 

there for ten years, and, in the case of 

BNP Affiliated QPAMs that are not 

RIAs, the additional disclosure noted 

above must be included in the asset 


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Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20265 

2 49 FR 9494 (March 13, 1984), as corrected at 50 

FR 41430 (October 10, 1985), as amended at 70 FR 

49305 (August 23, 2005), and as amended at 75 FR 

38837 (July 6, 2010). 

3Section I(g) generally provides that ‘‘[n]either 

the QPAM nor any affiliate thereof . . . nor any 

owner . . . of a 5 percent or more interest in the 

QPAM is a person who within the 10 years 

immediately preceding the transaction has been 

either convicted or released from imprisonment, 

whichever is later, as a result of’’ certain felonies 

including: (1) Conspiracy to commit an offense 

against the United States in violation of Title 18, 

United States Code, Section 371, by conspiring to 

violate the International Emergency Economic 

Powers Act, codified at Title 50, United States 

Code, Section 1701 et seq., and regulations issued 

thereunder, and the Trading with the Enemy Act, 

codified at Title 50, United States Code Appendix, 

Section 1 et seq., and regulations issued thereunder; 

and (2) Falsifying business records in the first 

degree, in violation of Penal Law § 175.10, and 

conspiracy in the fifth degree, in violation of Penal 

Law § 105.05(1). 

management or other account 

agreement. 

5. The BNP Affiliated QPAMs 

The Applicant’s comment makes 

certain clarifications to Paragraph 6 of 

the Summary of Facts and 

Representations, which describes BNP’s 

relationship with the BNP Affiliated 

QPAMs. In this regard, Paragraph 6 

provides that, ‘‘the BNP Affiliated 

QPAMs include Fisher Francis Trees 

and Watt, Inc., BNP Paribas Investment 

Partners Trust Company, BNP Paribas 

Asset Management, Inc., BancWest 

Investment Services, and Bishop Street 

Capital Management which are 

subsidiaries of Bank of the West and 

First Hawaiian Bank, respectively, 

which themselves provide fiduciary 

services to ERISA-covered plans and 

IRAs. The Applicant represents that 

each of the above-named entities are 

third tier affiliates of BNP, and BNP 

owns all or substantially all interests, 

directly or indirectly, in such entities.’’ 

The Applicant’s comment provides 

that the BNP subsidiaries described in 

Paragraph 6 either currently rely on PTE 

84–14 or may wish to do so in the future 

on behalf of ERISA-covered plans or 

IRAs. The Applicant states further that 

the list of BNP Affiliated QPAMs may 

change at any time depending on an 

entity’s ERISA-covered plan or IRA 

client base or a change in strategy. The 

Applicant also notes that, while the 

BNP Affiliated QPAMs identified as 

third-tier subsidiaries in the application 

are indeed third-tier subsidiaries, other 

entities identified as BNP Affiliated 

QPAMs may be on other tiers, such as 

First Hawaiian Bank and Bank of the 

West, which are second-tier 

subsidiaries. Nevertheless, according to 

the Applicant, BNP owns all or 

substantially all interests, directly or 

indirectly, in the entities identified as 

BNP Affiliated QPAMs. The Department 

takes note of the Applicant’s 

clarifications to Paragraph 6 of the 

Summary of Facts and Representations. 

After giving full consideration to the 

entire record, including the written 

comments, subject to the Department’s 

responses thereto, the Department has 

decided to grant the exemption. The 

complete application file, with copies of 

the comments, is available for public 

inspection in the Public Disclosure 

Room of the Employee Benefits Security 

Administration, Room N–1515, U.S. 

Department of Labor, 200 Constitution 

Avenue NW., Washington, DC 20210. 

For a more complete statement of the 

facts and representations supporting the 

Department’s decision to grant this 

exemption, refer to the proposed 

exemption published in the Federal 

Register on November 26, 2014, at 79 

FR 70661. 

General Information 

The attention of interested persons is 

directed to the following: 

(1) The fact that a transaction is the 

subject of an exemption under section 

408(a) of the Act or section 4975(c)(2) of 

the Code does not relieve a fiduciary or 

other party in interest or disqualified 

person from certain other provisions of 

the Act and/or the Code, including any 

prohibited transaction provisions to 

which the exemption does not apply 

and the general fiduciary responsibility 

provisions of section 404 of the Act, 

which, among other things, require a 

fiduciary to discharge his duties 

respecting the plan solely in the interest 

of the participants and beneficiaries of 

the plan and in a prudent fashion in 

accordance with section 404(a)(1)(B) of 

the Act; nor does it affect the 

requirement of section 401(a) of the 

Code that the plan must operate for the 

exclusive benefit of the employees of 

the employer maintaining the plan and 

their beneficiaries; 

(2) In accordance with section 408(a) 

of ERISA and section 4975(c)(2) of the 

Code, the Department makes the 

following determinations: The 

exemption is administratively feasible, 

the exemption is in the interests of the 

plan and of its participants and 

beneficiaries, and the exemption is 

protective of the rights of participants 

and beneficiaries of the plan; 

(3) The exemption is supplemental to, 

and not in derogation of, any other 

provisions of ERISA, including statutory 

or administrative exemptions and 

transitional rules. Furthermore, the fact 

that a transaction is subject to an 

administrative or statutory exemption is 

not dispositive of whether the 

transaction is in fact a prohibited 

transaction; and 

(4) The availability of this exemption 

is subject to the express condition that 

the material facts and representations 

contained in the application accurately 

describe all material terms of the 

transaction which is the subject of the 

exemption. 

Accordingly, the following exemption 

is granted under the authority of section 

408(a) of ERISA and section 4975(c)(2) 

of the Code and in accordance with the 

procedures set forth in 29 CFR part 

2570, subpart B (76 FR 66637, 66644, 

October 27, 2011): 

Exemption 

Section I: Covered Transactions 

The BNP Affiliated QPAMs and the 

BNP Related QPAMs shall not be 

precluded from relying on the relief 

provided by Prohibited Transaction 

Class Exemption (PTE) 84–14 2

notwithstanding the Convictions (as 

defined in Section II(c)),3 provided the 

following conditions are satisfied: 

(a) Any failure of the BNP Affiliated 

QPAMs or the BNP Related QPAMs to 

satisfy Section I(g) of PTE 84–14 arose 

solely from the Convictions; 

(b) The BNP Affiliated QPAMs and 

the BNP Related QPAMs (including 

officers, directors, agents other than 

BNP, and employees of such QPAMs) 

did not participate in the criminal 

conduct of BNP that is the subject of the 

Convictions; 

(c) The BNP Affiliated QPAMs and 

the BNP Related QPAMs did not 

directly receive compensation in 

connection with the criminal conduct of 

BNP that is the subject of the 

Convictions; 

(d) The criminal conduct of BNP that 

is the subject of the Convictions did not 

directly or indirectly involve the assets 

of any plan subject to Part 4 of Title I 

of ERISA (an ERISA-covered plan) or 

section 4975 of the Code (an IRA); 

(e) A BNP Affiliated QPAM will not 

use its authority or influence to direct 

an ‘‘investment fund’’ (as defined in 

Section VI(b) of PTE 84–14) that is 

subject to ERISA and managed by such 

BNP Affiliated QPAM to enter into any 

transaction with BNP or engage BNP to 

provide additional services to such 

investment fund, for a direct or indirect 

fee borne by such investment fund 

regardless of whether such transactions 

or services may otherwise be within the 

scope of relief provided by an 

administrative or statutory exemption; 

(f) Each BNP Affiliated QPAM will 

ensure that none of its employees or 

agents, if any, that were involved in the 

criminal conduct that underlies the 

Convictions will engage in transactions 


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20266 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

on behalf of any ‘‘investment fund’’ (as 

defined in Section VI(b) of PTE 84–14) 

subject to ERISA and managed by such 

BNP Affiliated QPAM; 

(g)(1) Each BNP Affiliated QPAM 

immediately develops, implements, 

maintains, and follows written policies 

(the Policies) requiring and reasonably 

designed to ensure that: (i) The asset 

management decisions of the BNP 

Affiliated QPAM are conducted 

independently of BNP’s management 

and business activities; (ii) the BNP 

Affiliated QPAM fully complies with 

ERISA’s fiduciary duties and ERISA and 

the Code’s prohibited transaction 

provisions and does not knowingly 

participate in any violations of these 

duties and provisions with respect to 

ERISA-covered plans and IRAs; (iii) the 

BNP Affiliated QPAM does not 

knowingly participate in any other 

person’s violation of ERISA or the Code 

with respect to ERISA-covered plans 

and IRAs; (iv) any filings or statements 

made by the BNP Affiliated QPAM to 

regulators, including but not limited to, 

the Department of Labor, the 

Department of the Treasury, the 

Department of Justice, and the Pension 

Benefit Guaranty Corporation, on behalf 

of ERISA-covered plans or IRAs are 

materially accurate and complete, to the 

best of such QPAM’s knowledge at that 

time; (v) the BNP Affiliated QPAM does 

not make material misrepresentations or 

omit material information in its 

communications with such regulators 

with respect to ERISA-covered plans or 

IRAs, or make material 

misrepresentations or omit material 

information in its communications with 

ERISA-covered plan and IRA clients; 

(vi) the BNP Affiliated QPAM complies 

with the terms of this exemption; and 

(vii) any violations of or failure to 

comply with items (ii) through (vi) are 

corrected promptly upon discovery and 

any such violations or compliance 

failures not promptly corrected are 

reported, upon discovering the failure to 

promptly correct, in writing to 

appropriate corporate officers, the head 

of Compliance and the General Counsel 

of the relevant BNP Affiliated QPAM, 

the independent auditor responsible for 

reviewing compliance with the Policies, 

and a fiduciary of any affected ERISAcovered plan or IRA where such 

fiduciary is independent of BNP; 

however, with respect to any ERISAcovered plan or IRA sponsored by an 

‘‘affiliate’’ (as defined in Section VI(d) of 

PTE 84–14) of BNP or beneficially 

owned by an employee of BNP or its 

affiliates, such fiduciary does not need 

to be independent of BNP. BNP 

Affiliated QPAMs will not be treated as 

having failed to develop, implement, 

maintain, or follow the Policies, 

provided that they correct any instances 

of noncompliance promptly when 

discovered or when they reasonably 

should have known of the 

noncompliance (whichever is earlier), 

and provided that they adhere to the 

reporting requirements set forth in this 

item (vii); 

(2) Each Affiliated QPAM 

immediately develops and implements a 

program of training (the Training), 

conducted at least annually for relevant 

BNP Affiliated QPAM asset 

management, legal, compliance, and 

internal audit personnel; the Training 

shall be set forth in the Policies and, at 

a minimum, cover the Policies, ERISA 

and Code compliance (including 

applicable fiduciary duties and the 

prohibited transaction provisions) and 

ethical conduct, the consequences for 

not complying with the conditions of 

this exemption (including the loss of the 

exemptive relief provided herein), and 

prompt reporting of wrongdoing; 

(h)(1) Each BNP Affiliated QPAM 

submits to an audit conducted annually 

by an independent auditor, who has 

been prudently selected and who has 

appropriate technical training and 

proficiency with ERISA to evaluate the 

adequacy of, and compliance with, the 

Policies and Training described herein; 

the audit requirement must be 

incorporated in the Policies and the first 

of the audits must be completed no later 

than twelve (12) months after the earlier 

of the Convictions and must cover the 

first six-month period that begins on the 

date of the earlier of the Convictions; all 

subsequent audits must cover the 

following corresponding twelve-month 

periods and be completed no later than 

six (6) months after the period to which 

the audit applies; 

(2) To the extent necessary for the 

auditor, in its sole opinion, to complete 

its audit and comply with the 

conditions for relief described herein, 

each BNP Affiliated QPAM and, if 

applicable, BNP, will grant the auditor 

unconditional access to its business, 

including, but not limited to: Its 

computer systems, business records, 

transactional data, workplace locations, 

training materials, and personnel; 

(3) The auditor’s engagement shall 

specifically require the auditor to 

determine whether each BNP Affiliated 

QPAM has developed, implemented, 

maintained, and followed Policies in 

accordance with the conditions of this 

exemption and developed and 

implemented the Training, as required 

herein; 

(4) The auditor’s engagement shall 

specifically require the auditor to test 

each BNP Affiliated QPAM’s 

operational compliance with the 

Policies and Training; 

(5) For each audit, the auditor shall 

issue a written report (the Audit Report) 

to BNP and the BNP Affiliated QPAM to 

which the audit applies that describes 

the procedures performed by the auditor 

during the course of its examination. 

The Audit Report shall include the 

auditor’s specific determinations 

regarding the adequacy of, and 

compliance with, the Policies and 

Training; the auditor’s 

recommendations (if any) with respect 

to strengthening such Policies and 

Training; and any instances of the 

respective BNP Affiliated QPAM’s 

noncompliance with the written 

Policies and Training described in 

paragraph (g) above. Any 

determinations made by the auditor 

regarding the adequacy of the Policies 

and Training and the auditor’s 

recommendations (if any) with respect 

to strengthening the Policies and 

Training of the respective BNP 

Affiliated QPAM shall be promptly 

addressed by such BNP Affiliated 

QPAM, and any actions taken by such 

BNP Affiliated QPAM to address such 

recommendations shall be included in 

an addendum to the Audit Report. Any 

determinations by the auditor that the 

respective BNP Affiliated QPAM has 

implemented, maintained, and followed 

sufficient Policies and Training shall 

not be based solely or in substantial part 

on an absence of evidence indicating 

noncompliance; 

(6) The auditor shall notify the 

respective BNP Affiliated QPAM of any 

instances of noncompliance identified 

by the auditor within five (5) business 

days after such noncompliance is 

identified by the auditor, regardless of 

whether the audit has been completed 

as of that date; 

(7) With respect to each Audit Report, 

an executive officer of the BNP 

Affiliated QPAM to which the Audit 

Report applies certifies in writing, 

under penalty of perjury, that the officer 

has reviewed the Audit Report and this 

exemption; addressed, corrected, or 

remediated any inadequacies identified 

in the Audit Report; and determined 

that the Policies and Training in effect 

at the time of signing are adequate to 

ensure compliance with the conditions 

of this exemption and with the 

applicable provisions of ERISA and the 

Code; 

(8) An executive officer of BNP 

reviews the Audit Report for each BNP 

Affiliated QPAM and certifies in 

writing, under penalty of perjury, that 

such officer has reviewed each Audit 

Report; 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 20267 

4 In general terms, a QPAM is an independent 

fiduciary that is a bank, savings and loan 

association, insurance company, or investment 

adviser that meets certain equity or net worth 

requirements and other licensure requirements and 

that has acknowledged in a written management 

agreement that it is a fiduciary with respect to each 

plan that has retained the QPAM. 

(9) Each BNP Affiliated QPAM 

provides its certified Audit Report to the 

Department’s Office of Exemption 

Determinations (OED), Suite 400, 200 

Constitution Avenue NW., Washington, 

DC 20210, no later than 30 days 

following its completion, and each BNP 

Affiliated QPAM makes its Audit Report 

unconditionally available for 

examination by any duly authorized 

employee or representative of the 

Department, other relevant regulators, 

and any fiduciary of an ERISA-covered 

plan or IRA, the assets of which are 

managed by such BNP Affiliated QPAM; 

(10) Each BNP Affiliated QPAM and 

the auditor will submit to OED (A) any 

engagement agreement(s) entered into 

pursuant to the engagement of the 

auditor under this exemption, and (B) 

any engagement agreement entered into 

with any other entities retained in 

connection with such QPAM’s 

compliance with the Training or 

Policies conditions of this exemption, 

no later than nine months after the date 

of the earlier of the Convictions (and 

one month after the execution of any 

agreement thereafter); and 

(11) The auditor shall provide OED, 

upon request, all of the workpapers 

created and utilized in the course of the 

audit, including, but not limited to: The 

audit plan, audit testing, identification 

of any instances of noncompliance by 

the relevant BNP Affiliated QPAM, and 

an explanation of any corrective or 

remedial actions taken by the applicable 

BNP Affiliated QPAM; 

(12) BNP must notify the Department 

at least 30 days prior to any substitution 

of an auditor, except that no such 

replacement will meet the requirements 

of this paragraph unless and until BNP 

demonstrates to the Department’s 

satisfaction that such new auditor is 

independent of BNP, experienced in the 

matters that are the subject of the 

exemption, and capable of making the 

determinations required of this 

exemption; 

(i) The BNP Affiliated QPAMs comply 

with each condition of PTE 84–14, as 

amended, with the only exceptions 

being the violations of Section I(g) that 

are attributable to the Convictions; 

(j) Effective from the date of 

publication of this granted exemption in 

the Federal Register, with respect to 

each ERISA-covered plan or IRA for 

which a BNP Affiliated QPAM provides 

asset management or other discretionary 

fiduciary services, each BNP Affiliated 

QPAM agrees: (1) To comply with 

ERISA and the Code, as applicable to 

the particular ERISA-covered plan or 

IRA, and refrain from engaging in 

prohibited transactions; (2) not to waive, 

limit, or qualify the liability of the BNP 

Affiliated QPAM for violating ERISA or 

the Code or engaging in prohibited 

transactions; (3) not to require the 

ERISA-covered plan or IRA (or sponsor 

of such ERISA-covered plan or 

beneficial owner of such IRA) to 

indemnify the BNP Affiliated QPAM for 

violating ERISA or engaging in 

prohibited transactions, except for 

violations or prohibited transactions 

caused by an error, misrepresentation, 

or misconduct of a plan fiduciary or 

other party hired by the plan fiduciary 

who is independent of BNP; (4) not to 

restrict the ability of such ERISAcovered plan or IRA to terminate or 

withdraw from its arrangement with the 

BNP Affiliated QPAM; and (5) not to 

impose any fees, penalties, or charges 

for such termination or withdrawal with 

the exception of reasonable fees, 

appropriately disclosed in advance, that 

are specifically designed to prevent 

generally recognized abusive investment 

practices or specifically designed to 

ensure equitable treatment of all 

investors in a pooled fund in the event 

such withdrawal or termination may 

have adverse consequences for all other 

investors, provided that such fees are 

applied consistently and in like manner 

to all such investors. Within six (6) 

months of the date of publication of this 

granted exemption in the Federal 

Register, each BNP Affiliated QPAM 

will provide a notice to such effect to 

each ERISA-covered plan or IRA for 

which a BNP Affiliated QPAM provides 

asset management or other discretionary 

fiduciary services; 

(k) Each BNP Affiliated QPAM will 

maintain records necessary to 

demonstrate that the conditions of this 

exemption have been met for six (6) 

years following the date of any 

transaction for which such BNP 

Affiliated QPAM relies upon the relief 

in the exemption; 

(l) The BNP Affiliated QPAMs 

provided a notice of the proposed 

exemption along with a separate 

summary describing the facts that led to 

the Convictions, which has been 

submitted to the Department, and a 

prominently displayed statement that 

the Convictions result in a failure to 

meet a condition in PTE 84–14 to: (1) 

Each sponsor of an ERISA-covered plan 

and each beneficial owner of an IRA 

invested in an investment fund 

managed by a BNP Affiliated QPAM, or 

the sponsor of an investment fund in 

any case where a BNP Affiliated QPAM 

acts only as a sub-advisor to the 

investment fund; (2) each entity that 

may be a BNP Related QPAM; and (3) 

with respect to ERISA-covered plan and 

IRA investors in the Income Plus Fund, 

the identity of which is unknown, each 

distribution agent of the fund with a 

request that such distribution agent 

forward the documents to its clients. 

(m) A BNP Affiliated QPAM will not 

fail to meet the terms of this exemption 

solely because a BNP Related QPAM or 

a different BNP Affiliated QPAM fails to 

satisfy a condition for relief under this 

exemption. A BNP Related QPAM will 

not fail to meet the terms of this 

exemption solely because BNP, a BNP 

Affiliated QPAM, or a different BNP 

Related QPAM fails to satisfy a 

condition for relief under this 

exemption. 

Section II: Definitions 

(a) The term ‘‘BNP Affiliated QPAM’’ 

means a ‘‘qualified professional asset 

manager’’ (as defined in Section VI(a) 4

of PTE 84–14) that relies on the relief 

provided by PTE 84–14 and with 

respect to which BNP is a current or 

future ‘‘affiliate’’ (as defined in Section 

VI(d) of PTE 84–14). The term ‘‘BNP 

Affiliated QPAM’’ excludes the parent 

entity, BNP. 

(b) The term ‘‘BNP Related QPAM’’ 

means any current or future ‘‘qualified 

professional asset manager’’ (as defined 

in Section VI(a) of PTE 84–14) that 

relies on the relief provided by PTE 84– 

14, and with respect to which BNP 

owns a direct or indirect five percent or 

more interest, but with respect to which 

BNP is not an ‘‘affiliate’’ (as defined in 

Section VI(d) of PTE 84–14). 

(c) The term ‘‘Convictions’’ means the 

judgments of conviction against BNP in: 

(1) Case Number 14–cr–00460 (LGS) in 

the District Court for the Southern 

District of New York for conspiracy to 

commit an offense against the United 

States in violation of Title 18, United 

States Code, Section 371, by conspiring 

to violate the International Emergency 

Economic Powers Act, codified at Title 

50, United States Code, Section 1701 et 

seq., and regulations issued thereunder, 

and the Trading with the Enemy Act, 

codified at Title 50, United States Code 

Appendix, Section 1 et seq., and 

regulations issued thereunder; and (2) 

Case Number 2014 NY 051231 in the 

Supreme Court of the State of New 

York, County of New York for falsifying 

business records in the first degree, in 

violation of Penal Law § 175.10, and 

conspiracy in the fifth degree, in 

violation of Penal Law § 105.05(1). 


tkelley on DSK3SPTVN1PROD with NOTICES
20268 Federal Register / Vol. 80, No. 72 / Wednesday, April 15, 2015 / Notices 

Effective Date: This exemption is 

effective as of the earliest date a 

judgment of conviction against BNP is 

entered in either: (1) Case Number 14– 

cr–00460 (LGS) in the District Court for 

the Southern District of New York; or (2) 

Case Number 2014 NY 051231 in the 

Supreme Court of the State of New 

York, County of New York. 

Signed at Washington, DC, this 9th day of 

April 2015. 

Lyssa Hall, 

Director of Exemption Determinations, 

Employee Benefits Security Administration, 

U.S. Department of Labor. 

[FR Doc. 2015–08672 Filed 4–14–15; 8:45 am] 

BILLING CODE 4510–29–P 

DEPARTMENT OF LABOR 

Occupational Safety and Health 

Administration 

Susan Harwood Training Grant 

Program, FY 2015 

AGENCY: Occupational Safety and Health 

Administration (OSHA), Labor. 

ACTION: Notice of availability of funds 

and funding opportunity 

announcements (FOA) for Targeted 

Topic Training and Capacity Building 

grants. 

SUMMARY : This notice announces 

availability of approximately $3.5 

million for Susan Harwood Training 

Program grants. Two separate funding 

opportunity announcements are 

available for Targeted Topic Training 

grants and Capacity Building grants. 

Two types of grants are being 

announced under each funding 

opportunity. Funding Opportunity 

Number SHTG–FY–15–01 will cover the 

two types of Targeted Topic Training 

grants: Targeted Topic Training and 

Targeted Topic Training and 

Educational Materials Development 

grants. Funding Opportunity Number 

SHTG–FY–15–02 will cover the two 

types of Capacity Building grants: 

Capacity Building Developmental and 

Capacity Building Pilot grants. 

DATES: Grant applications for both 

Targeted Topic Training and Capacity 

Building grants must be received 

electronically by the Grants.gov system 

no later than 11:59 p.m., ET, on 

Tuesday, June 2, 2015. 

ADDRESSES: The complete Susan 

Harwood Training Grant Program 

funding opportunity announcements 

and all information needed to apply for 

these funding opportunities are 

available at the Grants.gov Web site, 

http://www.grants.gov. 

FOR FURTHER INFORMATION CONTACT: 

Questions regarding the funding 

opportunity announcements should be 

emailed to HarwoodGrants@dol.gov or 

directed to Heather Wanderski, Program 

Analyst, or Jim Barnes, Director, Office 

of Training Programs and 

Administration, at 847–759–7700 (note 

this is not a toll-free number). Personnel 

will not be available to answer 

questions after 5:00 p.m., ET. To obtain 

further information on the Susan 

Harwood Training Grant Program, visit 

the OSHA Web site at: http://

www.osha.gov/dte/sharwood/

index.html. 

Questions regarding Grants.gov 

should be emailed to Support@

grants.gov or directed to the Grants.gov 

Contact Center, at 1–800–518–4726 (toll 

free number). The Contact Center is 

available 24 hours a day, 7 days a week. 

The Contact Center is closed on Federal 

holidays. 

SUPPLEMENTARY INFORMATION: 

Authority and Signature 

David Michaels, Ph.D., MPH, 

Assistant Secretary of Labor for 

Occupational Safety and Health, 

directed the preparation of this notice. 

The authority for this notice is Section 

21 of the Occupational Safety and 

Health Act of 1970, (29 U.S.C. 670), 

Public Law 113–235, and Secretary of 

Labor’s Order No. 1–2012 (77 FR 3912). 

Funding Opportunity Number: SHTG– 

FY–15–01 (Targeted Topic grants) 

Funding Opportunity Number: SHTG– 

FY–15–02 (Capacity Building grants) 

Catalog of Federal Domestic Assistance 

Number: 17.502. 

Signed at Washington, DC, on April 6, 

2015. 

David Michaels, 

Assistant Secretary of Labor for Occupational 

Safety and Health. 

[FR Doc. 2015–08509 Filed 4–14–15; 8:45 am] 

BILLING CODE 4510–26–P 

NATIONAL FOUNDATION ON THE 

ARTS AND THE HUMANITIES 

Meetings of Humanities Panel 

AGENCY: National Endowment for the 

Humanities. 

ACTION: Notice of meetings. 

SUMMARY: The National Endowment for 

the Humanities will hold two meetings 

of the Humanities Panel, a federal 

advisory committee, during May, 2015. 

The purpose of the meetings is for panel 

review, discussion, evaluation, and 

recommendation of applications for 

financial assistance under the National 

Foundation on the Arts and Humanities 

Act of 1965. 

DATES: See SUPPLEMENTARY INFORMATION

section for meeting dates. 

ADDRESSES: The meetings will be held at 

Constitution Center at 400 7th Street 

SW., Washington, DC 20506. See 

SUPPLEMENTARY INFORMATION for meeting 

room numbers. 

FOR FURTHER INFORMATION CONTACT: 

Lisette Voyatzis, Committee 

Management Officer, 400 7th Street 

SW., Room, 4060, Washington, DC 

20506; (202) 606–8322; evoyatzis@

neh.gov. Hearing-impaired individuals 

who prefer to contact us by phone may 

use NEH’s TDD terminal at (202) 606– 

8282. 

SUPPLEMENTARY INFORMATION: Pursuant 

to section 10(a)(2) of the Federal 

Advisory Committee Act (5 U.S.C. 

App.), notice is hereby given of the 

following meetings: 

1. Date: May 13, 2015. 

Time: 8:30 a.m. to 5:00 p.m. 

Room: 4002. 

This meeting will discuss 

applications on the subjects of 

Education and Public Programs for 

Digital Humanities: Implementation 

Grants, submitted to the Office of Digital 

Humanities. 

2. Date: May 14, 2015. 

Time: 8:30 a.m. to 5:00 p.m. 

Room: 4002. 

This meeting will discuss 

applications on the subject of 

Visualization for Digital Humanities: 

Implementation Grants, submitted to the 

Office of Digital Humanities. 

Because these meetings will include 

review of personal and/or proprietary 

financial and commercial information 

given in confidence to the agency by 

grant applicants, the meetings will be 

closed to the public pursuant to sections 

552b(c)(4) and 552b(c)(6) of Title 5, 

U.S.C., as amended. I have made this 

determination pursuant to the authority 

granted me by the Chairman’s 

Delegation of Authority to Close 

Advisory Committee Meetings dated 

July 19, 1993. 

Dated: April 8, 2015. 

Lisette Voyatzis, 

Committee Management Officer. 

[FR Doc. 2015–08607 Filed 4–14–15; 8:45 am] 

BILLING CODE 7536–01–P 

NATIONAL TRANSPORTATION 

SAFETY BOARD 

Sunshine Act Meeting 

TIME AND DATE: 9:30 a.m., Tuesday, April 

28, 2015. 


tkelley on DSK3SPTVN1PROD with NOTICES