DOL Expands QPAM Exemption to Cover QPAM-Sponsored Plans

July 22, 2010
The Department of Labor amended the QPAM Exemption to extend its coverage to a “qualified professional asset manager” or “QPAM” that manages an investment fund containing the assets of a benefit plan for its own employees or a plan of an affiliate. However, this extension is contingent upon the adoption by the QPAM of certain written policies and procedures as well as an annual “exemption audit” being conducted by an “independent auditor.” This update describes the amendment to the QPAM Exemption, which takes effect on November 3, 2010.