A proposed amendment to the Qualified Professional Asset Manage Exemption (QPAME) will receive a virtual public hearing and an extended comment period, the U.S. Department of Labor (DOL) announced recently.
The DOL's Employee Benefits Security Administration (EBSA) announced on Tuesday that an online public hearing will be held Nov. 17 and continue Nov. 18, if necessary. The public comment period is also being extended by 15 days, through Oct. 11, according to the announcement. A supplemental comment period will open Nov. 17, the DOL reports.
"The proposed amendment contained a 60-day comment period, which was scheduled to expire on Sept. 26, 2022," EBSA states in the announcement. "After publishing the proposal, the department received a letter from several interested persons requesting the department extend the comment period to provide additional time for them to develop and submit their comments."
A qualified professional asset manager provides financial investment advice to various entities, primarily focusing on retirement accounts. EBSA proposed the amendment to the Class Prohibited Transaction Exemption 84-14, also known as the QPAME, in July. The amendment would clarify that foreign convictions fall under the exemption’s ineligibility provision, including more types of serious misconduct, to protect plans and individual retirement account owners, EBSA reports
Ali Khawar, acting assistant secretary for Employee Benefits Security, said the department decided that extending the public comment period and scheduling a virtual hearing were appropriate, according to EBSA.
“The extended comment period, hearing, and supplemental comment period will provide interested parties with a full opportunity to consider the proposal and provide important input that will inform our next steps, Khawar said in the announcement.
Requests to testify at the hearing must be submitted to EBSA by Oct. 11, the department states.
