Collective Investment Funds Conversion Transactions, Prohibited Transaction Class Exemption 1997-41

The exemption permits an employee benefit plan to purchase shares of an open-end registered investment company in exchange for plans assets transferred in-kind from a collective investment fund maintained by a bank or plan adviser, where the bank or plan adviser is the investment adviser of the investment company and a fiduciary of the plan, provided specified conditions are met. The exemption requires that an independent fiduciary receive advance written notice of any covered transaction, as well as specific written information concerning the mutual funds to be purchased. The independent fiduciary must also provide written advance approval of conversion transactions and receive written confirmation of each transaction, as well as additional on-going disclosures as defined in the exemption.

The latest form for Collective Investment Funds Conversion Transactions, Prohibited Transaction Class Exemption 1997-41 expires 2022-04-30 and can be found here.