August 15, 2011 - News

DOL grants wide-ranging exemption to BlackRock; Evercore Trust retained as Independent Monitor

The U.S. Department of Labor granted an individual prohibited transaction exemption permitting BlackRock to conduct a variety of covered transactions. Evercore Trust serves as Independent Monitor with responsibility for monitoring BlackRock’s compliance with certain conditions of the exemption.

The BlackRock exemption is the largest individual exemption ever granted by the DOL. The exemption requires that BlackRock comply with several general conditions, including the appointment of an internal Exemption Compliance Officer and the retention of an Independent Monitor, and a number of specific conditions related to each covered transaction.

Evercore Trust serves as the Independent Monitor in connection with this groundbreaking exemption. In such capacity, Evercore Trust is primarily responsible for monitoring BlackRock’s compliance with certain conditions of the exemption designed to be protective of BlackRock’s client plans’ interests.