DOL Issues Advisory Opinion on Cleared Swap Transactions under ERISA | Practical Law
The US Department of Labor (DOL) has issued Advisory Opinion 2013-01A, which provides the DOL's opinion on whether a clearing member that exercises account liquidation rights following default by a pension plan is a plan fiduciary and a party in interest with respect to the plan, and whether certain transactions between a pension plan and the clearing member in connection with cleared swap transactions are prohibited by ERISA.