DOL Recent Amendment to the QPAM Exemption: Key Provisions and Challenges for Asset Managers and ERISA Plan Sponsors
Recording of a 90-minute CLE video webinar with Q&A
This CLE webinar will provide employee benefits counsel and advisers an in-depth analysis of the amendment to the qualified professional asset manager (QPAM) exemption. The panel will discuss key provisions impacting asset managers and plan sponsors, reporting and record keeping requirements, eligibility criteria, conduct that would result in ineligibility, the process for requesting an individual prohibited transaction exemption from the DOL in the event of ineligibility for relief under the QPAM exemption, and other key issues stemming from the final amendment to the QPAM exemption.
Outline
- Background of QPAM exemption
- DOL final amendment to QPAM exemption
- Recognizing "prohibited misconduct" in light of the amendment
- Claiming the QPAM exemption
- Next steps for plan sponsors and investment managers
Benefits
The panel will discuss these and other key issues:
- What are the key provisions of the DOL amendment to the QPAM exemption?
- How does the amendment to the exemption impact investment managers and plan sponsors?
- What activities will be considered disqualifying under the exemption?
- What are the conditions for relief under the QPAM exemption and current limitations on the scope of relief?
- What are the next steps for plan sponsors and investment fiduciaries?
Faculty
David Kaleda
Partner
Eversheds Sutherland
Mr. Kaleda has more than two decades of experience advising financial services and insurance firms on complex... | Read More
Mr. Kaleda has more than two decades of experience advising financial services and insurance firms on complex ERISA Title I matters, with a focus on fiduciary compliance, investment structures and regulatory strategy. He counsels plan sponsors, investment managers, insurers, broker-dealers, banks, recordkeepers and other financial institutions on a wide range of ERISA and Internal Revenue Code issues. Mr. Kaleda's practice includes advising on fiduciary obligations, prohibited transaction rules and the structuring of alternative investment vehicles, such as plan asset funds, real estate operating companies (REOCs) and venture capital operating companies (VCOCs). He regularly assists clients in navigating Department of Labor regulations, including obtaining advisory opinions and exemptions. Mr. Kaleda is widely recognized in the ERISA and financial services communities for his thought leadership. He has authored a bimonthly “Compliance Consult” column for PlanAdviser magazine and contributes frequently to publications, such as The Investment Lawyer, Employee Benefit News and Plan Sponsor Magazine. Mr. Kaleda is a sought-after speaker on fiduciary and regulatory topics and has been quoted in leading industry outlets including on Wall Street and Financial Adviser.
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David C. Olstein
Partner
Hogan Lovells
Mr. Olstein’s practice focuses on the fiduciary responsibility provisions of ERISA and the prohibited transaction... | Read More
Mr. Olstein’s practice focuses on the fiduciary responsibility provisions of ERISA and the prohibited transaction excise tax provisions of the Internal Revenue Code. He has an extensive background advising financial institutions, plan sponsors, and investment committees on ERISA matters, including compliance with ERISA’s fiduciary duty and prohibited transaction rules, in connection with the investment of pension plan assets. Mr. Olstein regularly advises fund sponsors on the application of ERISA’s “plan asset” rules as they relate to the establishment and operation of private investment funds. From representing issuers and underwriters in connection with marketing securities to investors, to advising plan sponsors and independent fiduciaries in connection with the selection of annuity providers, he offers substantial experience at the intersection of ERISA and fiduciary responsibility. Mr. Olstein is an active member of the American Bar Association’s Section of Taxation and the New York City Bar Associati
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Alexander P. Ryan
Partner
Willkie Farr & Gallagher
Mr. Ryan is a partner in the Executive Compensation & Employee Benefits Department, specializing in ERISA Title I... | Read More
Mr. Ryan is a partner in the Executive Compensation & Employee Benefits Department, specializing in ERISA Title I matters. He advises plan sponsors and plan service providers with respect to a range of fiduciary issues arising under ERISA and the Internal Revenue Code, including Department of Labor guidance and regulations. Mr. Ryan's work focuses on a variety of investment-related matters, including issues arising under the fiduciary and prohibited transaction provisions of ERISA related to the structure, design, and implementation of various investment products, such as private equity, real estate, hedge funds, commodity and real assets funds, and many others. He has substantial experience applying ERISA’s prohibited transaction rules to these types of investment products. In addition to his transactional work, he represents clients in DOL enforcement actions and investigations. Mr. Ryan has been recognized as a leading lawyer in Chambers USA (2023) for Employee Benefits & Executive Compensation (District of Columbia).
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