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Asset Management Department of Labor (DOL)

Foley & Lardner LLP

Reminder: Qualified Professional Asset Managers (QPAM) Notice Deadline is September 15, 2024

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Earlier this year, the Department of Labor (DOL) updated the prohibited transaction exemption for Qualified Professional Asset Managers, often referred to as the “QPAM exemption.” Included in the update is a new requirement...more

Proskauer - Employee Benefits & Executive...

A Pop Culture Guide to the Final Amendments to the QPAM Exemption Taking Effect on June 17, 2024

The DOL recently finalized amendments to the QPAM exemption that will considerably alter the exemption’s conditions effective as of June 17, 2024 (for a detailed summary of the changes, please see our post here). There are a...more

Foley Hoag LLP

QPAM Amendment – Action Required by Investment Managers

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The U.S. Department of Labor (“DOL”) has amended the qualified professional asset manager (“QPAM”) class prohibited transaction exemption 84-14 (“QPAM Exemption”), effective as of June 17, 2024 (“QPAM Amendment”)....more

Stark & Stark

DOL Publishes Final QPAM Exemption Amendment

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On April 3, 2024, the U.S. Department of Labor (DOL) published a final amendment to Prohibited Transaction Class Exemption 84-14. The amendment will become effective June 17, 2024....more

Jones Day

QPAM Amendment Finalized: Prompt Action Required for Continued Reliance

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On April 3, 2024, the Department of Labor (the "DOL") published its final amendment (the "Amendment") to Prohibited Transaction Class Exemption 84-14 (the "QPAM Exemption"), which permits certain otherwise-prohibited...more

Alston & Bird

Major Changes Coming to the Qualified Professional Asset Manager Exemption

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Our Employee Benefits & Executive Compensation and Investment Funds Teams break down the increased compliance requirements – and compliance costs – qualified professional asset managers (QPAMs) face under the Department of...more

Mayer Brown

United States: The Long Read - Lifetime Income Products in CITs on the Rise

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As recently noted by the US Department of Labor (“DOL”), since the passage of the Employee Retirement Income Security Act of 1974 (“ERISA”), “the retirement plan landscape has changed significantly, with a shift from defined...more

K&L Gates LLP

Here We Go Again: DOL Proposes New Fiduciary Rule

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On 31 October 2023, the Department of Labor (DOL) unveiled its proposed “Retirement Security Rule” (Proposed Rule) redefining who is an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA)....more

Dechert LLP

The Developing Litigation Risks from the ESG Backlash in the United States

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In the past year, environmental, social, and governance (“ESG”) practices have faced heightened scrutiny in the United States from state attorneys general, state and federal legislators, other government officials, and...more

Cadwalader, Wickersham & Taft LLP

Launch of State Alliance Against “ESG Investing”

On March 16, 2023 the Republican governors of 19 states announced an alliance led by Florida Governor Ron DeSantis, to “push back against President Biden’s environmental, social, corporate governance (ESG) agenda that is...more

K&L Gates LLP

ESG Investing and Proxy Voting: DOL's New Final Rule

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Executive Summary: The Department of Labor released a final rule that addresses fiduciary duties when (1) considering ESG factors in selecting investments, and (2) considering whether and how to vote proxies, for plans...more

Foley Hoag LLP

DOL Issues Proposed Amendment to QPAM Exemption

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The Department of Labor (“DOL”) recently issued a proposed amendment to prohibited transaction class exemption 84-14 (the “QPAM Exemption”). The QPAM Exemption permits an investment fund managed by a qualified professional...more

K&L Gates LLP

Investment Managers Beware: DOL Proposes Major Changes to QPAM Exemption

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Executive Summary - The Department of Labor’s proposed amendment to the QPAM Exemption would impose stricter conditions and make it more difficult for managers to avail themselves of one of the most commonly utilized ERISA...more

Morgan Lewis

US Department of Labor Proposes Extensive Changes to QPAM Exemption

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The US Department of Labor (DOL) published in the July 27, 2022, Federal Register a number of proposed changes to Prohibited Transaction Class Exemption (PTE) 84-14, the so-called “QPAM Exemption.” Investment managers of US...more

Seward & Kissel LLP

DOL Proposes an Amendment to the QPAM Exemption

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On July 27, 2022 the U.S. Department of Labor (DOL) proposed significant modifications to Prohibited Transaction Class Exemption 84-14 (the QPAM Exemption). The DOL will accept written comments and requests for public...more

Groom Law Group, Chartered

Retirement Asset Management: Regulatory Update

As the markets continue to create challenges for plan fiduciaries and asset managers, financial regulators are actively working on a number of projects that impact the investment of benefit plan assets. The Securities and...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - What Constitutes Plan Assets Under ERISA?

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On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined by Zan Gormley, a partner in Williams Mullen’s Litigation Section, who discusses the law and guidance on what constitutes “assets of the...more

K&L Gates LLP

DOL Proposes New Rule on Proxy Voting Duties – Potential Implications for Investment Managers and Other ERISA Fiduciaries

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On 4 September 2020, the U.S. Department of Labor (DOL) published a new proposed rule on “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights” (the Proposal)....more

Troutman Pepper

DOL Sheds Light on Permissible Private Equity Components in Individual Account/Defined Contribution Plan Asset Allocation Funds

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On June 3, the U.S. Department of Labor (DOL) issued an Information Letter (Letter) concerning private equity investments within an asset allocation fund that is a designated investment alternative in an individual account...more

Goodwin

DOL Release May Increase ERISA Defined Contribution Plan Interest in Private Equity Investments

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On June 3, 2020, the U.S. Department of Labor issued an information letter concluding that a plan fiduciary would not violate ERISA’s fiduciary duties solely because the fiduciary offers a professionally managed asset...more

Eversheds Sutherland (US) LLP

Videocast: Asset management regulation in 2020 videocast series – DOL: What’s ahead

Over the next year, the Department of Labor (DOL) will likely be issuing guidance in a number of areas that could impact asset managers and financial services companies. In this Bottom Line videocast, Carol McClarnon and...more

Dechert LLP

Financial Services Quarterly Report - Fourth Quarter 2017: Trump Administration Unveils its Position on Financial Regulation...

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During the Trump Administration’s first year in office, it has implemented major new policy approaches and engaged in significant reversals of Obama Administration policies in many areas. In contrast, the Administration to...more

Dechert LLP

Treasury’s Third Report on Financial System Regulation Focuses on the Asset Management and Insurance Industries

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The U.S. Department of the Treasury (Treasury) recently released a report examining the regulatory framework for the asset management and insurance industries (Report). The Report is the third in a series of four reports that...more

Foley & Lardner LLP

Emerging Private Fund Manager Guide for Raising Institutional Investor Capital

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Public and private pension plans, endowments, hedge funds and other institutional investors are investing trillions of dollars annually with alternative asset managers. Many of these fund managers are well-established with a...more

Vedder Price

Investment Services Regulatory Update - November 2017

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New Rules, Proposed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues No-Action Letters to Facilitate Cross-Border Compliance with the Research “Unbundling” Provisions of the European...more

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