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Release Date: 08/23/2004
Release Number: 04-1594-NAT
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Washington, DC - The U.S. Department of
Labor’s Employee Benefits Security Administration (EBSA) today issued a
final rule requiring state-registered investment advisers who are seeking
investment manager status under federal benefits law to register
electronically through the Investment Adviser Registration Depository (IARD). |
"Our
rule allows plan fiduciaries to consult a single source to find out
whether an investment advisor is registered, while also streamlining the
process through the elimination of paper filings," said Ann L. Combs,
Assistant Secretary of EBSA. |
Under
the Employee Retirement Income Security Act (ERISA), plan trustees are
relieved of certain liabilities relating to management of plan assets by a
registered investment adviser, bank or insurance company that meet certain
requirements to be appointed an investment manager for an ERISA-covered
plan. |
The
IARD is a centralized electronic filing system for investment advisers
created by the Securities and Exchange Commission (SEC) and state
securities regulators. A majority of state-registered investment advisers
who are investment managers of ERISA-covered plans already file
registration forms electronically through the IARD. |
The
final rule will apply to investment adviser registration filings due on or
after October 25, 2004. The final rule also contains a conforming amendment to
an EBSA Interpretative Bulletin on fiduciary responsibility, which deals
with when registered investment advisers are eligible to be ERISA
investment managers. |
The
final regulation is to be published in the August 24, 2004 Federal
Register. |
U.S.
Labor Department news releases are accessible on the Internet at
www.dol.gov. The information in this news release will be made available
in alternate format upon request (large print, Braille, audio tape or
disc) from the COAST office. Please specify which news release when
placing your request at 202.693.7765 or TTY 202.693.7755. The U.S.
Department of Labor is committed to providing America's employers and
employees with easy access to understandable information on how to comply
with its laws and regulations. For more information, please visit
www.dol.gov/compliance. |