Proposed Exemption for Asset Managers related to UBS AG

Regs.gov: Employee Benefits Security Administration

Detected March 14th, 2026

Summary

The Department of Labor's Employee Benefits Security Administration (EBSA) is proposing an exemption for asset managers related to UBS AG. This exemption would allow certain transactions that might otherwise be prohibited under the Employee Retirement Income Security Act (ERISA). The public comment period for this proposed exemption closes on April 6.

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What changed

The Employee Benefits Security Administration (EBSA) has published a proposed exemption concerning asset managers and UBS AG. This exemption, identified by EBSA-2026-0067-0001, would permit specific transactions that could otherwise violate the prohibited transaction provisions of the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. The proposal aims to provide relief to asset managers acting in certain capacities concerning UBS AG, subject to specific conditions and safeguards.

Asset managers and financial institutions involved with UBS AG should review the proposed exemption carefully. Interested parties have until April 6 to submit public comments to the EBSA. Failure to comply with the conditions of the exemption, if finalized, could result in prohibited transaction violations under ERISA, potentially leading to significant penalties and sanctions. This is a critical period for stakeholders to voice concerns or provide input that may shape the final rule.

What to do next

Review proposed exemption EBSA-2026-0067-0001 for potential impact on asset management activities involving UBS AG.
Submit comments to EBSA by April 6 if the proposed exemption requires modification or clarification.
Prepare for compliance with the exemption's conditions if finalized.