On April 2, 2024, the Department of Labor (the “DOL”) finalized its amendment to the Qualified Professional Asset Manager (“QPAM”) prohibited transaction exemption (the “QPAM Exemption”). Among the changes made to the QPAM Exemption is a new requirement that advisors and managers must notify DOL via email (QPAM@dol.gov) if they intend to rely on the QPAM Exemption. The notice should identify the legal name of each business entity relying on the QPAM Exemption (and any other names under which it operates) and must be provided within 90 calendar days of the manager’s reliance on the QPAM exemption. This notice should be provided on an entity-by-entity basis rather than as a blanket business-wide notice without entity-by-entity identification.
The changes to the QPAM exemption were effective on June 17, 2024, and the initial 90 day period expires on September 15, 2024. Because September 15, 2024, is a Sunday, QPAMs may have until Monday, September 16 to send the notice; however, the DOL has not specifically confirmed this extension so it would be safer to provide the notice by September 15.
