In their article published in the Benefits Law
Journal titled, “Changes to ERISA's
Qualified Professional Asset Manager Exemption,” Schulte Roth
& Zabel partners David Cohen and Ian Levin discuss the final
amendments issued by the US Department of Labor (“DOL”)
to its Qualified Professional Asset Manager (“QPAM”)
Exemption.
The DOL has recently taken significant regulatory and
administrative actions affecting how investment advisers manage and
advise employee benefit plans subject to the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”) and
individual retirement accounts (“IRAs”). In early
April, the DOL issued final amendments to its QPAM Exemption, a
prophylactic prohibited transaction class exemption utilized by
investment advisers managing assets of ERISA plans and IRAs.
