Federal Register #2026-17143

Exemption for Liberty Puerto Rico 401(k) Plan Transactions with Liberty Latin America Ltd. Stock Rights

This award notice concerns an exemption granted for prohibited transactions involving the Liberty Puerto Rico 401(k) Savings Plan and Liberty Latin America Ltd. (LLA) stock rights. - Government buyer: - Employee Benefits Security Administration (EBSA), U.S. Department of Labor - OEMs and vendors: - Liberty Latin America Ltd. (LLA) - Products/services requested: - Stock rights to purchase Series C LLA common stock - Plan participants received 0.2690 Rights per share of LLA Stock held - Each Right allowed purchase of Series C LLA Stock at a discounted price - Rights were sold on the open market; proceeds allocated to participant accounts - Unique or notable requirements: - No brokerage fees or commissions paid except reasonable sale-related fees - Transactions conducted in accordance with ERISA fiduciary standards - Exemption includes recordkeeping and audit accessibility conditions - No specific purchase quantities or part numbers provided

Description

This exemption permits the Liberty Puerto Rico 401(k) Savings Plan to engage in certain prohibited transactions involving the acquisition, holding, and sale of stock rights to purchase shares of Liberty Latin America Ltd. stock. These transactions would otherwise be prohibited under ERISA and the Internal Revenue Code. The exemption covers the period from September 10, 2020, through September 16, 2020, and includes conditions ensuring the transactions were conducted prudently and for the benefit of plan participants. The plan participants received net proceeds from the sale of the stock rights, which were allocated proportionally to their accounts.

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