01:27 PM EDT, 04/02/2024 (MT Newswires) -- (Adds details throughout.)

The US Department of Labor on Tuesday finalized its rules for managing workplace retirement plans, adding conflict-of-interest restrictions and reporting requirements for major fund managers running pension plans and 401(k) investment programs.

The new policy for qualified professional asset managers, or QPAM, codify restrictions previously issued by the Biden Administration for firms convicted with domestic and foreign felonies to secure regulatory exemptions before managing employee investment programs. The rules are slated to take effect 75 days after publication in the Federal Register.

JPMorgan Chase ( JPM ) , Goldman Sachs Group ( GS ) , Deutsche Bank ( DB ) and UBS Group ( UBS ) reportedly are among the larger firms that have already been asked to secure QPAM exemptions under the preliminary guidelines.

In a bid to temper opposition, the Labor Department excluded criminal convictions in China, Cuba, Iran, North Korea, Russia and Venezuela from the new disclosure requirements to deter their ability to use false accusations against US companies to damage their business back home.

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