e preamble to the Section I(c) amendments:The role of the QPAM under the terms of the exemption is not to act as a mere independent approver of transactions. Rather, the QPAM must have and exercise sole discretion over the commitments and investments of Plan assets and the related negotiations on behalf the Plan with respect to an Investment Fund . . . for the relief provided under the exemption to apply.30IndependenceFinally, and most importantly, both bank and adviser should ensure each of them is and at all times remains independent and acts independently of any party in interest dealing with the CIT. How this is done in practice will depend on the facts and circumstances of each situation. However, certain basic principles articulated by the DOL for ensuring independence, as described above, provide a good starting point.1 Amendment to Prohibited Transaction Class Exemption 84–14 for Transactions Determined by Independent Qualified Professional Asset Managers (the QPAM Exemption), 89 Fed. Reg. 23090 (Apr. 3, 2024). The Exemption originally was adopted in 1984. See Class Exemption for Plan Asset Transactions Determined by Independent Qualified Professional Asset Managers, 49 Fed. Reg. 9494 (Mar. 13, 1984), as corrected at 50 Fed. Reg. 41430 (Oct. 10, 1985). Before the 2024 amendments, the Exemption was amended in 2002 (67 Fed. Reg. 9483 (Mar. 1)), 2005 (70 Fed. Reg. 49,305 (Aug. 23)), and 2010 (75 Fed. Reg. 38837 (July 6)).2 ERISA § 3(14) defines “parties in interest” to include: (i) the plan’s sponsoring employer, (ii) any labor union whose members are covered by the plan, (iii) any fiduciary of the plan (e.g., trustee or investment manager), (iv) any person providing services to the plan (e

ng, and compliance) to address the changes in the exemption conditions, including systems to monitor for disqualifying events across all covered affiliates;Consider the potential for, and impact of, disqualification on existing businesses and strategies and whether to develop a contingency plan (e.g., whether alternative exemptions will work and, if not, whether and to what extent the transition period requirements will impact current relationship structures and agreements, including termination and liquidity provisions). If a contingency plan is already in place, consider modifications in light of the new requirements;Consider any increase in the risk of disqualification prior to a merger, acquisition or other corporate action; andFor managers with governmental plan clients contractually requiring compliance with the QPAM Exemption, consider the impact of the changes on those client relationships, including whether the changes even apply and, if so, whether to negotiate alternatives. 89 Fed. Reg. 23090 (April 3, 2024), available at https://www.govinfo.gov/content/pkg/FR-2024-04-03/pdf/2024-06059.pdf The Employee Retirement Income Security Act of 1974, as amended.[View source.]