On April 2, 2024, the Department of Labor ("DOL") released an amendment to Prohibited Transaction Exemption 84-14 (the "QPAM Exemption"). One requirement of the new rule is that 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 must be provided within 90 calendar days of the manager's reliance on the QPAM exemption. Managers are required to update DOL for name changes or in the event the manager stops relying on QPAM Exemption.
The changes to QPAM Exemption – including the notice requirement – are effective on June 17, 2024.
Find our earlier summary here.
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