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On October 22 the Federal Register reported on a proposal by the Department of Labor (DOL) to expand the definition of "fiduciary" with regard to ESOPs to include those who give "advice, appraisal or fairness opinions concerning the value of securities or other property." Though the DOL believes this change will cut down on purported abuses in the market, changing a classification held since 1976 to include appraisers as ERISA fiduciaries would carry significant implications for the liability of those valuation professionals working with ESOPs.
On May 19 BVR welcomes attorney Jared Kaplan, who's had extensive involvement with this proposed rule change, for an in-depth examination of the effects projected by this new regulation and what it means for the appraisal profession. For any appraiser practicing in this area, this is not a presentation to miss.
Program Agenda
The story of this change:
The problem
The proposed solution
Effects of the change
Complications with the solution
How we arrived here: statutory history
Current status of the proposal
Possible responses & alternatives
Learning Objectives
Learn what the Department of Labor is proposing for ESOP appraisers and what it means for the practice of ESOP appraisal
Understand how this regulation came about, what it hopes to solve, and what problems it potentially creates
Clarify which positions can be taken to avoid liability or bolster indemnity in ESOP appraisal practices
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