November 9, 2015 - News

Credit Suisse Receives QPAM Exemption from DOL

On October 2, 2015, the U.S. Department of Labor granted individual prohibited transaction exemption 2015-14 (“PTE 2015-14”) to investment management affiliates of Credit Suisse (the “Credit Suisse QPAMs”) allowing them to continue to serve as a “qualified professional asset managers” or “QPAMs” to ERISA-covered employee benefit plans and individual retirement accounts (“IRAs”) notwithstanding the criminal conviction of their corporate parent, Credit Suisse AG, for conspiracy to aid and assist U.S. taxpayers in filing false income tax returns and other documents with the Internal Revenue Service.  PTE 2015-14 requires, among other things, an independent audit of Credit Suisse’s ERISA compliance policies and the provision of fiduciary training for Credit Suisse QPAM employees.  Evercore Trust serves as the independent auditor responsible for determining whether each Credit Suisse QPAM has developed, implemented, maintained, and followed ERISA compliance policies and developed and implemented the fiduciary training in accordance with PTE 2015-14.