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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    ERISA

Date & Time
  • event Date

    Tuesday, June 4, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

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.

Faculty

David C. Olstein
Partner
Hogan Lovells

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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David C. Kaleda
Principal
Groom Law Group Chtd - Washington

Mr. Kaleda's broad range of experience includes handling fiduciary matters impacting plan sponsors, investment and other fiduciary committees, investment managers/advisors, recordkeepers, broker-dealers, banks and other financial services firms. He advises clients on the avoidance and resolution of prohibited transaction issues, the structuring of alternative investment funds, and day-to-day compliance issues arising under ERISA and the Internal Revenue Code. He also counsels clients on compliance with the Department of Labor’s final “investment advice” regulation and related exemptions. 

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Alexander P. Ryan
Partner
Willkie Farr & Gallagher, LLP

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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Description

On Apr. 3, 2024, the DOL finalized a substantial amendment to the QPAM prohibited transaction class exemption, PTE 84-14, which amendment is effective June 17, 2024. The QPAM amendment includes strict requirements and compliance obligations for investment managers seeking to qualify for the exemption. The amendment also adds new categories of conduct that will disqualify managers from relying on the exemption.

According to the DOL, these amendments were necessary to align with the substantial changes that have occurred in the financial services industry since the inception of the QPAM exemption in 1984. These changes have significant implications for asset managers and for fiduciaries of ERISA-covered retirement plans that engage them.

Fiduciaries and employee benefits counsel must recognize and understand critical provisions in the amendments to the QPAM exemption, such as the (1) expansion of what is considered to be “prohibited misconduct” and the impact of certain criminal convictions on the use of the QPAM exemption; (2) limitations regarding the transition period that applies if an investment manager ceased to qualify as a QPAM; and (3) a new requirement that QPAMs notify the DOL of their reliance on the QPAM exemption.

Listen as our panel discusses key provisions impacting plan sponsors and asset managers, reporting and record keeping requirements, eligibility criteria, conduct that would result in ineligibility, the process for requesting an individual prohibited transaction exemption, and other key issues stemming from the final amendment to the QPAM exemption.

Outline

  1. Background of QPAM exemption
  2. DOL final amendment to QPAM exemption
  3. Recognizing "prohibited misconduct" in light of the amendment
  4. Claiming the QPAM exemption
  5. 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?