EBSA Releases IRFA for Proposed QPAM Exemption Amendment
Following consultation with the Office of Advocacy, the Employee Benefits Security Administration (EBSA) has published a notice of Initial Regulatory Flexibility Analysis (IRFA) related to its Proposed Amendment to Prohibited Transaction Class Exemption 84-14 (the QPAM Exemption). The QPAM exemption permits an investment fund managed by a “qualified professional asset manager” (QPAM) to engage in certain party-in-interest transactions that would otherwise be prohibited by the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. The proposed amendment would update the QPAM asset management and equity thresholds and provide additional protections for plans and individual retirement account owners.
In its notice of proposed amendment, issued July 27, 2022, EBSA initially certified that the rule would not have a significant economic impact on a substantial number of small entities. With the IRFA, published September 16, 2022, the agency explained possible impacts of the rule to small entities and requested comment on those impacts and regulatory alternatives. In a notice published September 7, 2022, EBSA had previously extended the comment period for the proposed amendment and announced a virtual public hearing. EBSA requests comments to the IRFA by October 11, 2022, the same deadline as the extended comment period for the proposed amendment.
The comment period ends October 11, 2022.
- Read the notice of proposed amendment and IRFA.
- Read the notice extending the comment period to October 11, 2022, and announcing a virtual public hearing on November 17, 2022, and November 18, 2022.
- Submit a written comment or request to testify at the public hearing.
- Advocacy Contact: Email Meagan Singer at email@example.com or call (202) 921-4843.