IAA Continues Push for Active Crosses
The Investment Adviser Association last week submitted supplemental written material to the ERISA Advisory Council, following their September 20 testimony in support of broader cross trade relief for managers of ERISA plans. The group pointed out that the cross trade relief in the Pension Protection Act would be available to fewer than four percent of all ERISA plans. It asked DOL to adopt rules to allow advisers to engage in active cross trades for all of their ERISA clients, regardless of size. Alternatively, the group asked DOL to allow advisers to engage in cross trades for ERISA plans that participate in a pooled fund, or to allow advisers to engage in cross trades for plans that have assets below $100 million and retain consultants.