Federal Register / Vol. 88, No. 236 / Monday, December 11, 2023 / Notices 85931 

8The Underwriter Exemptions are a group of 

individual exemptions granted by the Department 

to provide relief for the origination and operation 

of certain asset pool investment trusts and the 

acquisition, holding, and disposition by plans of 

certain asset-backed pass-through certificates 

representing undivided interests in those 

investment trusts. The most recent amendment to 

the Underwriter Exemptions is the Amendment to 

Prohibited Transaction Exemption 2007–05, 72 FR 

13130 (March 20, 2007), Involving Prudential 

Securities Incorporated, et al., To Amend the 

Definition of ‘‘Rating Agency,’’ [Prohibited 

Transaction Exemption 2012–08, 78 FR 41090 (July 

9, 2013); Exemption Application No. D–11718]. 

1 81 FR 75147 (October 28, 2016). 

2PTE 84–14 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), hereinafter 

referred to as PTE 84–14 or the QPAM exemption. 

3Section I(g) of PTE 84–14 prevents an entity that 

may otherwise meet the definition of a QPAM from 

utilizing the exemptive relief provided by PTE 84– 

14 for itself and its client plans, if that entity or an 

‘‘affiliate’’ thereof, or any owner, direct or indirect, 

of a five percent or more interest in the QPAM has 

within 10 years immediately preceding the 

transaction, been either convicted or released from 

imprisonment, whichever is later, as a result of 

criminal activity described in that section. 

4A ‘‘Covered Plan’’ is a plan subject to part 4 of 

title 1 of ERISA (‘‘ERISA-covered plan’’) or a plan 

subject to Section 4975 of the Code (‘‘IRA’’), with 

respect to which an RBC QPAM relies on PTE 84– 

14, or with respect to which an RBC QPAM (or any 

RBC affiliate) has expressly represented that the 

manager qualifies as a QPAM or relies on the 

QPAM class exemption. A Covered Plan does not 

include an ERISA-covered Plan or IRA to the extent 

the RBC QPAM has expressly disclaimed reliance 

on QPAM status or PTE 84–14 in entering into its 

contract, arrangement, or agreement with the 

ERISA-covered plan or IRA. 

5RBC’s exemption request (D–11868) is available 

by contacting EBSA’s Public Disclosure Room at 

(202) 693–8673. 

policies of a person other than an 

individual. 

(f) The term ‘‘Rating Agency’’ or 

collectively, ‘‘Rating Agencies’’ means a 

credit rating agency that: 

(1) Is currently recognized by the 

Securities and Exchange Commission 

(SEC) as a nationally recognized 

statistical ratings organization (NRSRO); 

(2) Has indicated on its most recently 

filed SEC Form NRSRO that it rates 

‘‘issuers of asset-backed securities;’’ and 

(3) Has had, within a period not 

exceeding twelve (12) months prior to 

the initial issuance of the securities, at 

least three (3) ‘‘qualified ratings 

engagements.’’ A ‘‘qualified ratings 

engagement’’ is one: 

(i) Requested by an issuer or 

underwriter of securities in connection 

with the initial offering of the securities; 

(ii) For which the credit rating agency 

is compensated for providing ratings; 

(iii) Which is made public to investors 

generally; and 

(iv) Which involves the offering of 

securities of the type that would be 

granted relief by the certain underwriter 

exemptions (the Underwriter 

Exemptions).8

(g) The term ‘‘Applicable Class 

Exemption’’ means PTE 75–1, Part III; 

PTE 75–1, Part IV; PTE 77–3; PTE 77– 

4; PTE 79–13; PTE 86–128; or PTE 

2002–12. 

Applicability Date: This exemption 

will be in effect on the date that this 

grant notice is published in the Federal 

Register. 

Signed at Washington, DC. 

George Christopher Cosby, 

Director, Office of Exemption Determinations, 

Employee Benefits Security Administration, 

U.S. Department of Labor. 

[FR Doc. 2023–27082 Filed 12–8–23; 8:45 am] 

BILLING CODE 4510–29–P 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

Technical Correction to PTE 2016–10, 

Exemption From Certain Prohibited 

Transaction Restrictions: Royal Bank 

of Canada (Together With Its Current 

and Future Affiliates, RBC or the 

Applicant) 

AGENCY: Employee Benefits Security 

Administration (EBSA), Labor. 

ACTION: Notice of technical correction. 

SUMMARY: This document makes a 

technical correction to Prohibited 

Transaction Exemption (PTE) 2016–10 

granted to the Royal Bank of Canada (D– 

11868) on October 28, 2016. 

DATES: 

Issuance date: These technical 

corrections are issued on December 11, 

2023 without further action or notice. 

Exemption Date: PTE 2016–10 will 

remain in effect for the period beginning 

on the Conviction Date (as corrected 

herein) until the earlier of: (1) the date 

that is twelve months following the 

Conviction Date; or (2) the effective date 

of a final agency action made by the 

Department in connection with an 

application for long-term exemptive 

relief for the covered transactions 

described in PTE 2016–10. 

FOR FURTHER INFORMATION CONTACT: Mr. 

Joseph Brennan of the Department, 

telephone (202) 693–8456. (This is not 

a toll-free number). 

SUPPLEMENTARY INFORMATION: 

Background 

On October 28, 2016, the Department 

published PTE 2016–10 in the Federal 

Register.1 PTE 2016–10 is a temporary 

administrative exemption that permits 

certain entities (the RBC Qualified 

Professional Asset Managers (QPAMs)) 

with specified relationships to Royal 

Bank of Canada (Bahamas) Limited 

(RBCTC Bahamas) to continue to rely 

upon the relief provided by the 

Department’s QPAM Exemption 2 for a 

one-year period, notwithstanding a 

potential judgment of conviction against 

RBCTC Bahamas for aiding and abetting 

tax fraud.3

The Department granted PTE 2016–10 

to protect Covered Plans 4 from the harm 

that may arise if and when RBCTC were 

convicted in the District Court of Paris.5

Therefore, PTE 2016–10, as initially 

granted, defined the term ‘‘Conviction’’ 

as ‘‘the potential judgment of conviction 

against RBCTC Bahamas for aiding and 

abetting tax fraud to be entered in 

France in the District Court of Paris, 

French Special Prosecutor No. 

1120392066, French Investigative Judge 

No. JIRSIF/11/12.’’ 

In January 2017, the trial court in 

France acquitted RBCTC of the aiding 

and abetting the tax fraud charge, so the 

exemptive relief provided in PTE 2016– 

01 was unnecessary. However, RBCTC 

recently informed the Department that 

the French prosecutor has appealed the 

lower court’s acquittal and the case is 

now being heard de novo as a new trial 

by a French appellate court. According 

to RBCTC, the alleged crime, the parties, 

and the case numbers remain the same 

as the District Court of Paris case that is 

defined as the ‘‘Conviction’’ in PTE 

2016–01. RBCTC has requested 

confirmation from the Department that 

the relief provided in PTE 2016–10 

would be available for one year, if 

RBCTC were ultimately convicted by 

the French appellate court. 

As noted above, PTE 2016–10 is 

intended to protect Covered Plans from 

harm if RBCTC were convicted for the 

alleged crime in France. This same harm 

would arise whether RBCTC is 

convicted for the same crime, stemming 

from the same conduct, in a French 

appellate court or ‘‘the District Court of 

Paris.’’ Therefore, to ensure that 

Covered Plans are protected from any 

harm that would arise from the 

appellate court’s conviction of RBCTC, 

the Department is revising the definition 

of ‘‘Conviction’’ in PTE 2016–10 to refer 

to ‘‘the potential judgment of conviction 

against RBCTC Bahamas for aiding and 

abetting tax fraud to be entered in 

France in the Court of Appeal, French 


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85932 Federal Register / Vol. 88, No. 236 / Monday, December 11, 2023 / Notices 

1This Board Establishment Notice amends the 

December 4, 2023 Board Establishment Notice to 

correct the spelling of Judge Nicholas G. Trikouros’ 

name. 

Special Prosecutor No. 1120392066, 

French Investigative Judge No. JIRSIF/ 

11/12 or another court of competent 

jurisdiction.’’ 

RBC represents to the Department that 

to the best of RBC’s knowledge, there 

have been no material changes since 

September 2, 2015, the date of RBC’s 

application for PTE 2016–10, that are 

relevant to that application or the 

technical corrections set forth herein, 

other than changes in RBC’s number of 

clients and assets under management 

RBC makes these representations with 

the caveat that, as a large global 

financial institution, it has been subject 

to a variety of legal proceedings, 

including civil claims and lawsuits, 

regulatory examinations, investigations, 

audits, and requests for information. To 

the best of its knowledge at this time, 

however, RBC does not believe that the 

outcome of any current investigation or 

other such proceeding would cause the 

exemption to be unavailable. Moreover, 

no affiliate of RBC has been convicted 

of any crime described in section I(g) of 

the QPAM Exemption and, to the best 

of RBC’s knowledge, neither RBC nor 

any affiliate has entered into a deferred 

prosecution or non-prosecution 

agreement since September 2, 2015. 

The Department notes that it is 

making this technical correction based 

upon RBC’s certified representation that 

since September 2, 2015: (1) there have 

in fact been no material changes other 

than those changes noted above; (2) no 

affiliate of RBC has been convicted of 

any crime described in section I(g) of 

the QPAM Exemption, other than the 

conviction covered under PTE 2016–10; 

and (3) neither RBC nor any affiliate of 

RBC has entered into a deferred 

prosecution or non-prosecution 

agreement. If, at any time, RBC 

discovers any of these representations is 

no longer true, RBC must immediately 

contact the Department and submit a 

written statement that provides the 

Department with the complete details 

on the circumstances discovered. 

The Department is not taking a 

position regarding whether the outcome 

of any proceedings will cause the 

exemption to be unavailable and also 

notes that the availability of PTE 2016– 

10 is conditioned upon RBC’s 

compliance with all of the conditions 

included therein, including the 

condition that expressly states: ‘‘During 

the effective period of this temporary 

exemption, RBC: (1) Immediately 

discloses to the Department any 

Deferred Prosecution Agreement (a 

DPA) or Non-Prosecution Agreement (an 

NPA) that RBC or an affiliate enters into 

with the U.S Department of Justice, to 

the extent such DPA or NPA involves 

conduct described in Section I(g) of PTE 

84–14 or section 411 of ERISA.’’ As 

noted in the preceding paragraph, if 

RBC discovers that RBC or any RBC 

affiliate has entered into a DPA or NPA 

at any time since September 2, 2015, 

RBC must inform the Department 

promptly upon RBC or its affiliates’ 

discovery of such fact. 

Technical Correction 

Section II(a) of PTE 2016–10 is 

amended to read as follows: 

‘‘(a) The term ‘‘Conviction’’ means the 

potential judgment of conviction against 

RBCTC Bahamas for aiding and abetting tax 

fraud to be entered in France in the Court of 

Appeal, French Special Prosecutor No. 

1120392066, French Investigative Judge No. 

JIRSIF/11/12 or another court of competent 

jurisdiction’’ 

Signed at Washington, DC, this 5th day of 

December 2023. 

George Christopher Cosby, 

Director, Office of Exemption Determinations 

Employee Benefits Security Administration 

U.S. Department of Labor. 

[FR Doc. 2023–27084 Filed 12–8–23; 8:45 am] 

BILLING CODE 4510–29–P 

NUCLEAR REGULATORY 

COMMISSION 

[Docket No. 50–440–LR; ASLBP No. 24– 

982–01–LR–BD01] 

Establishment of Atomic Safety and 

Licensing Board (Amended); 1 Energy 

Harbor Nuclear Corp. 

Pursuant to the Commission’s 

regulations, see, e.g., 10 CFR 2.104, 

2.105, 2.300, 2.309, 2.313, 2.318, 2.321, 

notice is hereby given that an Atomic 

Safety and Licensing Board (Board) is 

being established to preside over the 

following proceeding: 

Energy Harbor Nuclear Corp. (Perry 

Nuclear Power Plant, Unit 1) 

This proceeding involves an 

application seeking a twenty-year 

license renewal of Facility Operating 

License NPF–58 to authorize Energy 

Harbor Nuclear Corp. to operate Perry 

Nuclear Power Plant, Unit 1 until 

November 7, 2046. In response to a 

notice published in the Federal Register 

announcing the opportunity to request a 

hearing, see 88 FR 67373 (Sept. 29, 

2023), a hearing request was filed on 

November 28, 2023, on behalf of Ohio 

Nuclear-Free Network and Beyond 

Nuclear. 

The Board is comprised of the 

following Administrative Judges: 

Michael M. Gibson, Chair, Atomic 

Safety and Licensing Board Panel, 

U.S. Nuclear Regulatory Commission, 

Washington, DC 20555–0001 

Nicholas G. Trikouros, Atomic Safety 

and Licensing Board Panel, U.S. 

Nuclear Regulatory Commission, 

Washington, DC 20555–0001 

Dr. Gary S. Arnold, Atomic Safety and 

Licensing Board Panel, U.S. Nuclear 

Regulatory Commission, Washington, 

DC 20555–0001 

All correspondence, documents, and 

other materials shall be filed in 

accordance with the NRC E-Filing rule. 

See 10 CFR 2.302. 

Rockville, Maryland. 

Dated: December 5, 2023. 

Edward R. Hawkens, 

Chief Administrative Judge, Atomic Safety 

and Licensing Board Panel. 

[FR Doc. 2023–27041 Filed 12–8–23; 8:45 am] 

BILLING CODE 7590–01–P 

NUCLEAR REGULATORY 

COMMISSION 

[NRC–2023–0072] 

Information Collection: Grants and 

Cooperative Agreement Provisions 

AGENCY: Nuclear Regulatory 

Commission. 

ACTION: Notice of submission to the 

Office of Management and Budget; 

request for comment. 

SUMMARY: The U.S. Nuclear Regulatory 

Commission (NRC) has recently 

submitted a request for renewal of an 

existing collection of information to the 

Office of Management and Budget 

(OMB) for review. The information 

collection is entitled, ‘‘Grants and 

Cooperative Agreement Provisions.’’ 

DATES: Submit comments by January 10, 

2024. Comments received after this date 

will be considered if it is practical to do 

so, but the Commission is able to ensure 

consideration only for comments 

received on or before this date. 

ADDRESSES: Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to https://www.reginfo.gov/ 

public/do/PRAMain. Find this 

particular information collection by 

selecting ‘‘Currently under Review— 

Open for Public Comments’’ or by using 

the search function. 


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