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ERISA Exemption For Securities Cross-Trading

Law360 (February 22, 2007, 12:00 AM EST) -- The Pension Plan Protection Act of 2006 added a new section 408(b)(19) to ERISA, providing a prohibited transaction exemption for the “cross-trading” of securities between accounts managed by the same investment manager.

Congress also directed the U.S. Department of Labor (DOL), after consultation with the U.S. Securities and Exchange Commission (the SEC), to issue regulations within six months of the date of enactment regarding the content of the written policies and procedures that a manager is required to adopt to qualify for the exemptive relief....
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