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Text of DOL Proposed Amendment to Prohibited Transaction Class Exemption 84-14 (QPAM Exemption)
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
July 26, 2022

99 pages. "[T]his amendment to the QPAM Exemption [would]: [1] require a one-time notice to the Department that a QPAM is relying upon the exemption, [2] require up-front terms in a written management agreement that apply in the event of ineligibility, [3] update the list of crimes in current Section I(g) to explicitly include foreign crimes that are substantially equivalent to the listed crimes, [4] expand the circumstances that may lead to ineligibility, [5] provide a one-year winding-down period to help Plans avoid or minimize possible negative impacts of changing QPAMs or adjusting their asset management arrangements when a QPAM becomes ineligible, and [6] instruct entities applying for individual exemption relief based on ineligibility under Section I(g) to review the Department's most recent individual exemptions involving Section I(g) ineligibility with an expectation that similar conditions will be required if an exemption is proposed and granted.

"The amendment also would: [1] make a clarifying revision to Section I(c) that specifies that the terms of the transaction, commitments, investment of fund assets, and any corresponding negotiations are the sole responsibility of the QPAM; [2] increase the asset management and equity thresholds in the QPAM definition in Section VI(a) commensurate with changes in the Consumer Price Index since 1984; and [3] add a standard recordkeeping provision in new Section VI(t)."

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