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Prohibited Transaction Exemption for Lending Securities to Banks and Broker-Dealers
Deloitte 
Nov. 8, 2006
Excerpt: Subject to ERISA's general fiduciary standards, employee benefit plans may lend securities in their portfolios to banks or broker-dealers. However, except for PTE 2006-16 the prohibited transaction rules generally would prevent a plan from making such loans to banks or broker-dealers that are parties in interest with respect to the plan, even if the loan otherwise is in the best interests of the plan and its participants.
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