On April 3, 2024, the Department of Labor (DOL) published in the Federal Register long-awaited final amendments to Prohibited Transaction Class Exemption 84-14 (the Amendment), also known as the Qualified Professional Asset Management (QPAM) exemption (the Exemption). The Amendment (i) imposes new notice and reporting requirements and increased financial thresholds, as conditions to relying on the Exemption; (ii) reiterates the DOL’s view that QPAMs must be independent and have sole discretionary authority with respect to transactions covered by the Exemption; and (iii) modifies Section I(g) of the Exemption.
DOL Makes Significant Changes to QPAM Exemption
