Impact of Issuance of Summary Prospectus on PTE Satisfaction

In Advisory Opinion 2013-04A, the DOL addresses the impact of the issuance of a Summary Prospectus on certain disclosure requirements under PTE 77-4.

Document Excerpt

This letter responds to your request for an advisory opinion concerning section II(d) of Prohibited Transaction Exemption (PTE) 77-4.(1) This class exemption provides relief from the restrictions of section 406 of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and from the sanctions resulting from the application of section 4975 of the Internal Revenue Code of 1986, as amended (the Code), for an employee benefit plan’s purchase or sale of shares of an open-end investment company registered under the Investment Company Act of 1940 (mutual fund) when an investment adviser for the mutual fund or its affiliate is: (1) a plan fiduciary; and (2) not an employer of employees covered by the plan.


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