Joshua Waldbeser Addresses DOL’s Delayed QPAM Rule With Bloomberg Law

In “Wall Street Asset Managers Hope Rule Delay Means Change of Heart,” Bloomberg Law turned to benefits and executive compensation partner Joshua Waldbeser for insight on the Department of Labor’s (DOL) delayed qualified professional asset manager (QPAM) rule.

The publication reported that Employee Benefits Security Administration faces a labyrinth of potential political pitfalls in moving forward with its new rule. According to Waldbeser, QPAMs aren’t ripe with abuse, despite what the agency’s public posturing might suggest. He also said that stakeholders in the investment management arena received a proposed rule that “went many, many steps forward.”

Waldbeser noted he’s advising his money manager clients to remain calm. The department’s extended delays are undoubtedly the result of political pressure, which could foretell an outcome in their favor, he added.

The full article is available for Bloomberg Law subscribers.