DOL Finalizes Changes To QPAM Exemption

The U.S. Department of Labor (DOL) recentlyannounced that it has adopted amendments to ProhibitedTransaction Class Exemption (PTE) 84-14, the “QPAM”Exemption.  The QPAM Exemption permits certaintransactions between employee benefit plans and partiesin interest that would otherwise be prohibited by ERISAor the Internal Revenue Code, provided that the transac-tion is entered into at the direction of a “qualified pro-fessional asset manager” - the QPAM.  The amendmentsaffect both the definition of QPAM, as well as the trans-actions covered by the Exemption.  The amendments aresubstantially similar to those proposed in September 2003...