Final and Proposed Changes to the Qualified Professional Asset Manager Exemption

On August 23, 2005, the Department of Labor promulgated final changes to Prohibited Transaction Class Exemption 84-14, commonly referred to as the “QPAM Exemption,” which had been proposed on September 3, 2003, and also proposed additional changes to facilitate a financial institution to act as a QPAM for plans covering employees of the QPAM or its affiliates. A memo describing those changes is attached.

Please feel free to call any of your regular contacts at the firm or any of our partners and counsel listed under Employee Benefits in the Our Practice section of our web site if you have any questions.

CLEARY GOTTLIEB STEEN & HAMILTON LLP