Reuters reported that the U.S. Department of Labor has granted UBS a waiver necessary for the Swiss bank to continue managing U.S. retirement plans. This waiver is crucial due to a paperwork error that had put the $11 billion worth of assets managed by UBS at risk. After a thorough five-month review, the U.S. agency announced that UBS is now permitted to operate as a qualified professional asset manager in the U.S. until June 2029. This exemption, dating retroactively from June 2023 when UBS acquired Credit Suisse, allows UBS to remain compliant in servicing U.S. pensioners. Despite facing challenges related to integrating Credit Suisse, UBS has been making significant efforts to rectify the oversight that led to missing the waiver deadline. The error necessitated UBS to make organizational adjustments and express regret for the delay to the U.S. agency, emphasizing the importance of maintaining the waiver to retain clients.