DOL announces change in ERISA

This month the U.S. Department of Labor (“DOL”) issued its final rule on cross-trading of
securities for actively managed ERISA-covered accounts. This rule was adopted pursuant to the
statutory cross-trading prohibited transaction exemption set forth in Section 408(b)(19) of
ERISA, which was enacted as part of the Pension Protection Act in 2006. The enactment of
Section 408(b)(19).............