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Text of DOL Adv. Op. 2004-05A on Use of 'Alternative Trading System' for Securities Transactions
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]Link to more items from this source
June 7, 2004

Excerpt: [Y]ou ask whether the execution of a securities transaction between a plan and a party in interest with respect to such plan as defined in ERISA through an alternative trading system (ATS) maintained by Liquidnet, Inc. (Liquidnet) constitutes a prohibited transaction under section 406(a)(1)(A) and (D) of ERISA.... The Liquidnet System is an 'alternative trading system,' as defined in Rule 300(a) of Regulation ATS under the Securities Exchange Act of 1934, as amended.

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