Department of Labor will reopen comment period on proposed amendment to Qualified Professional Asset Manager Exemption
WASHINGTON – The U.S. Department of Labor announced today that its Employee Benefits Security Administration will reopen the public comment period on the proposed amendment to Prohibited Transaction Class Exemption 84-14 – also known as the Qualified Professional Asset Manager Exemption – until April 6, 2023, to gather additional comments.
First published on July 27, 2022, the proposed amendment’s initial comment period closed on Oct. 11, 2022. The department held an online public hearing on Nov. 17, 2022, and provided a supplemental comment period that closed on Jan. 6, 2023.
“Reopening the comment period on the proposed amendment to the Qualified Professional Asset Manager Exemption will help ensure the Employee Benefits Security Administration receives additional input from all interested stakeholders, including information related to questions raised during the public hearing,” explained Assistant Secretary for Employee Benefits Security Lisa M. Gomez.
Notice of the comment period reopening will be published in the Federal Register on March 23, 2023. All comments must be submitted by April 6, 2023.