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August 15, 2022

Law360

Partner David Olstein discusses details of the Department of Labor’s (DOL) proposal to toughen the rules that allow asset managers to oversee retirement plans.

"I find the department's proposal disappointing. It would do nothing to stem the tide of submissions from financial institutions that, due to the actions of affiliates or unrelated lines of business, require an individual exemption in order to continue relying on the QPAM exemption. If anything, the proposal would make matters worse by adding new categories of disqualifying conduct," David states.

"A more constructive approach would have been to propose additional conditions, based on those included in recently granted individual exemptions, that would allow a financial institution to continue relying on the QPAM exemption indefinitely in the event it is unable to satisfy the condition relating to criminal conviction."

Read the full article here.

August 15, 2022

Law360

Partner David Olstein discusses details of the Department of Labor’s (DOL) proposal to toughen the rules that allow asset managers to oversee retirement plans.

"I find the department's proposal disappointing. It would do nothing to stem the tide of submissions from financial institutions that, due to the actions of affiliates or unrelated lines of business, require an individual exemption in order to continue relying on the QPAM exemption. If anything, the proposal would make matters worse by adding new categories of disqualifying conduct," David states.

"A more constructive approach would have been to propose additional conditions, based on those included in recently granted individual exemptions, that would allow a financial institution to continue relying on the QPAM exemption indefinitely in the event it is unable to satisfy the condition relating to criminal conviction."

Read the full article here.

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