block trade

(15) (A) Any transaction involving the purchase or sale of securities, or other property (as determined by the Secretary), between a plan and a party in interest (other than a fiduciary described in section 1002(21)(A) of this title ) with respect to a plan if— (i) the transaction involves a block trade, (ii) at the time of the transaction, the interest of the plan (together with the interests of any other plans maintained by the same plan sponsor), does not exceed 10 percent of the aggregate size of the block trade, (iii) the terms of the transaction, including the price, are at least as favorable to the plan as an arm’s length transaction, and (iv) the compensation associated with the purchase and sale is not greater than the compensation associated with an arm’s length 1 transaction with an unrelated party. (B) For purposes of this paragraph, the term “block trade” means any trade of at least 10,000 shares or with a market value of at least $200,000 which will be allocated across two or more unrelated client accounts of a fiduciary.


29 USC § 1108(b)(15)

Scoping language

For purposes of this paragraph
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