News & Analysis as of

Recordkeeping Requirements Investment Management

Morrison & Foerster LLP

Amendment To QPAM Exemption

The Department of Labor (DOL) recently issued a final amendment (“Final Amendment”) to Prohibited Transaction Exemption (PTE) 84-14, which is otherwise known as the “QPAM Exemption.” The QPAM Exemption is a prohibited...more

Foley Hoag LLP

QPAM Amendment – Action Required by Investment Managers

Foley Hoag LLP on

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

Latham & Watkins LLP

Raising the Bar: DOL’s Amendment Sets Higher Standards for QPAM Qualification

Latham & Watkins LLP on

The DOL’s final amendment to the QPAM Exemption sets forth more rigorous compliance requirements and expands the circumstances of ineligibility, potentially affecting the operations and compliance procedures of investment...more

Alston & Bird

Major Changes Coming to the Qualified Professional Asset Manager Exemption

Alston & Bird on

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

Proskauer - Employee Benefits & Executive...

DOL Unveils Final Amendment to QPAM Exemption

On April 3, 2024, the U.S. Department of Labor (the “DOL”) published in the federal register a final amendment to Prohibited Transaction Class Exemption 84-14 (the “QPAM Exemption”) that makes considerable changes to the...more

Akin Gump Strauss Hauer & Feld LLP

SEC Announces First Off-Channel Communications Enforcement Action Against a Standalone Private Fund Manager

On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a registered investment adviser (RIA) with no ties to a broker-dealer regarding so-called “off-channel”...more

Dechert LLP

Not Quite QPAMDEMONIUM: DOL Issues Final Changes to the QPAM Exemption

Dechert LLP on

On April 3, 2024, the Department of Labor (the “DOL”) issued its final amendment (“Final Amendment”) to Prohibited Transaction Class Exemption 84-14, commonly referred to as the “QPAM Exemption”. Generally, the QPAM...more

King & Spalding

Department of Labor Finalizes Changes to QPAM Exemption

King & Spalding on

Investment managers who manage private employee benefit plan and individual retirement account (collectively, “Plan”) assets have long relied on Prohibited Transaction Class Exemption 84-14 (commonly referred to as the “QPAM...more

Morrison & Foerster LLP

Investment Adviser Compliance Index - March 2024

The Investment Advisers Act of 1940 (the “Advisers Act”) is a relatively compact statute, and for many years the Securities and Exchange Commission (SEC) adopted relatively few regulations specifically targeting Advisers Act...more

Mayer Brown

WhatsApp All Over Again: The SEC Brings More Recordkeeping Charges Against Broker-Dealers and Investment Advisers for Off-Channel...

Mayer Brown on

On February 9, 2024, the Securities and Exchange Commission (SEC) announced charges against five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers for...more

Cadwalader, Wickersham & Taft LLP

SEC Exempts Brokers and Dealers from Rule 15c2-11 Review and Recordkeeping Requirements for Quotations on 144A Fixed Income...

On October 30, 2023, the Securities and Exchange Commission issued an order (the “Order”) that grants exemptive relief under Rule 15c2-11 under the Securities Exchange Act of 1934 to brokers and dealers that publish...more

Proskauer Rose LLP

SEC Adopts Amendments to Fund Names Rule

Proskauer Rose LLP on

On September 20, 2023, the Securities and Exchange Commission (the “SEC”) voted to adopt final amendments to modernize Rule 35d-1 of the Investment Company Act of 1940, as amended (the “1940 Act”). This rule, commonly...more

Holland & Knight LLP

Tenth Circuit Dismisses Claims Related to High-Cost Funds, High Recordkeeping Fees

Holland & Knight LLP on

The U.S. Court of Appeals for the Tenth Circuit issued its decision in Matney v. Barrick Gold of North America, et al. on Sept. 6, 2023, finding that participants in an employer-sponsored defined contribution retirement plan...more

K&L Gates LLP

What's in a Fund Name? SEC Approves Changes to the Fund Names Rule

K&L Gates LLP on

On 20 September 2023, the US Securities and Exchange Commission (the SEC) adopted amendments to Rule 35d-1 (the Names Rule or Rule) under the Investment Company Act of 1940, as amended (the 1940 Act), and made related form...more

Lowenstein Sandler LLP

The SEC’s Private Fund Adviser Rules Explained — Part 1: The Restricted Activities Rule

Lowenstein Sandler LLP on

On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new and amended rules under the Investment Advisers Act of 1940, as amended (the Advisers Act), to address what it perceives as certain conflicts...more

Fenwick & West LLP

SEC Adopts New Private Fund Adviser Rules

Fenwick & West LLP on

On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new rules and amendments under the Investment Advisers Act of 1940. Although they have been watered down significantly from the version initially...more

Proskauer - Employee Benefits & Executive...

Northwestern University’s Alternative Explanations Not Strong Enough To Defeat ERISA Excessive Fee Claims

On remand from the U.S. Supreme Court, the Seventh Circuit issued its opinion in Hughes v. Northwestern University, concluding that participants in two Northwestern 403(b) plans plausibly pled fiduciary-breach claims based on...more

Proskauer - Employee Benefits & Executive...

New York District Court Rejects ERISA Excessive Fee Claims as Insufficient

A district court in New York recently dismissed a putative class action challenging retirement plan recordkeeping and investment management fees. The case is Singh v. Deloitte LLP, No. 21-cv-8458, 2023 WL 186679 (S.D.N.Y....more

Foley Hoag LLP

DOL Issues Proposed Amendment to QPAM Exemption

Foley Hoag LLP on

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

Foodman CPAs & Advisors

U.S. Department Of Labor Has “Serious Concerns” Over 401(K) Plan’s Investments In Cryptocurrencies

The U.S. Department of Labor cautions plan fiduciaries to exercise extreme care before they consider adding a cryptocurrency option to a 401(k) plan’s investment menu for plan participants....more

Jackson Lewis P.C.

SEC to Advisors and Funds – Adopt and Implement Cybersecurity Policies and Procedures

Jackson Lewis P.C. on

On February 9, the Securities and Exchange Commission (“SEC”) voted to propose rule 206(4)-9 under the Advisers Act and 38a-2 under the Investment Company Act (collectively, “Proposed Rule”). In general, the Proposed Rule...more

BakerHostetler

Businesses Must Contemplate Employees' Use of Messaging Apps on Personal Devices

BakerHostetler on

An investment management company was recently hit with $200 million in fines for failing to track employees’ use of personal messaging apps, which resulted in the loss of communications that were subject to regulatory...more

ArentFox Schiff

Supreme Court Set To Rule This Spring on ERISA Investment Fees, Affecting Over 150 Cases Around the Country

ArentFox Schiff on

The U.S. Supreme Court heard oral argument to decide a circuit split and determine what ERISA requires of ERISA-governed pension plan fiduciaries with respect to investment fees and recordkeeping. A decision is expected in...more

Alston & Bird

Investment Management, Trading & Markets Updates – December 2021

Alston & Bird on

NFA Adds Virtual Currency and Micro Contract Questions to Annual Questionnaire On December 6, 2021, the National Futures Association (NFA) released Notice I-21-42 to notify NFA members that new questions had been added to the...more

Jackson Lewis P.C.

Supreme Court Struggles to Apply “Twiqbal” in Retirement Plan Fee Cases

Jackson Lewis P.C. on

Monday, the Supreme Court heard oral arguments in Hughes v. Northwestern University, No. 19-1401, just one of about 150 similar class action suits filed around the country in the last few years. The case was brought by...more

41 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide