Key takeaways

In Advisory Opinion 2013A-01, which clarifies ERISA's application to the cleared swap framework established by the Dodd-Frank Act, the Department of Labor found that when a clearing member acts as a clearing agent for an employee benefit plan in a cleared swap:

• a clearing member is not a plan fiduciary but is a party in interest;
• amounts deposited by the plan as margin are not plan assets; and
• the QPAM exemption is available to exempt transactions (including subsequent close out and liquidation transactions) with the clearing member and other parties in interest to the plan.