The FDIC issued a Financial Institution Letter on an amended Labor Department rule governing how qualified professional asset managers handle exemption requests under the Prohibited Transaction Class Exemption rule.
FDIC issues notice on asset manager exemption notice
August 14, 2024 / By ICBA
The FDIC issued a Financial Institution Letter on an amended Labor Department rule governing how qualified professional asset managers handle exemption requests under the Prohibited Transaction Class Exemption rule.
The FDIC issued a Financial Institution Letter on an amended Labor Department rule governing how qualified professional asset managers handle exemption requests under the Prohibited Transaction Class Exemption rule.
Background: The Qualified Professional Asset Manager exemption provides broad relief for employee benefit plan and IRA transactions that would otherwise be prohibited by Title I of the Employee Retirement Income Security Act of 1974 as long as the transactions involve a QPAM.
Rule Amendments: Under the prior rule, QPAMs did not need to notify the Labor Department that they were relying on the exemption. Under the newly amended rule, a one-time notice is now required to continue to rely on the exemption, provided certain conditions are met.
Deadline: Banks have until Sept. 15 to notify the Labor Department of their intent to rely upon the exemption, the FDIC said.
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