ERISA and the Internal Revenue Code broadly prohibit transactions between employee benefit plans or Individual Retirement Accounts and certain “parties in interest” or “disqualified persons”. However, certain transactions are exempted from such prohibition. One such exemption applies to transactions involving independent qualified professional asset managers, which includes banks, savings and loan associations, insurance companies and registered investment advisers meeting certain requirements. The U.S. Department of Labor has recently amended the rules of this exemption. My blog explores the impact of the change.