The Investment Company Institute reiterated “significant concerns” after the DOL reopened the comment period on the Employee Benefits Security Administration’s proposed amendments to the Qualified Professional Asset Manager Exemption.
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The DOL reopened the comment period on the Employee Benefits Security Administration’s proposed amendments to the Qualified Professional Asset Manager or "QPAM" class exemption.
SIFMA requested that the DOL withdraw proposed amendments to a prohibited transaction class exemption. SIFMA argued that the amendments to the "QPAM Exemption" would impede access to markets and are unnecessarily burdensome and costly.
A group of financial trade associations requested an extension to a comment deadline on proposed amendments to a Prohibited Transaction Class Exemption ("QPAM"). The exemption allows qualified registered investment advisers, banks, savings and loans and insurance companies to engage in otherwise prohibited transactions related to ERISA plan assets.
The Investment Adviser Association urged the DOL to extend a temporary enforcement policy related to a Prohibited Transaction Exemption for fiduciaries under ERISA and the Internal Revenue Code.