UBS Group (UBS) has received a waiver from the US Department of Labor allowing continued administration of US retirement plans, according to a Wednesday notice from the agency.
The exemption has been granted as a "conditional prospective relief," which allows the lender's asset managers "to continue to rely on [prohibited transaction exemption] PTE 84-14 for the five-year period from June 12, 2024, through June 11, 2029," the notice said.
The bank needs the waiver to continue servicing US retirement accounts in the wake of recent convictions, according to a Reuters report.
UBS did not immediately reply to MT Newswires' request for comment.
Shares were 0.6% higher in recent trading.
Price: 33.12, Change: +0.19, Percent Change: +0.58
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.