a) appoint or terminate the QPAM as a manager of any plan assets, or
The terms of the transaction are negotiated on behalf of the investment fund by the QPAM, and either the QPAM or a property manager acting under written guidelines of the QPAM makes the decision on behalf of the fund to enter into the transaction (so long as the transaction is not designed to benefit a party in interest);
The party in interest is neither the QPAM, nor a "related person" (a person who owns a 5% or more interest in the QPAM or in whom the QPAM owns a 5% or more interest);
The assets utilized in the transaction, when combined with all employer-established plan assets managed by the QPAM, do not exceed 20% of the assets managed by the QPAM at the time of the transaction;
Neither the QPAM, nor any of its affiliates, nor any person who owns 5% or more of the QPAM, has, within the 10-year period preceding the transaction, been convicted or released from prison as a result of any felony involving abuse of a position with a plan, labor organization, bank, broker-dealer, insurance company, or fiduciary (including tax evasion, larceny, theft, embezzlement, fraudulent conversion, misappropriation of funds, or conspiracy relating to any of the above).
No commission or other fee is paid by the fund to the QPAM, plan sponsor, or any affiliate;
In the case of defined benefit plans, immediately after the transaction is entered into, the fair market value of employer real property and employer securities held by funds of the QPAM in which the plan has an interest does not exceed 10% of the fair market value of the plan assets held in those funds.
QPAMs will receive specific exemptive relief for the leasing of office or commercial space by a QPAM-managed fund to the QPAM or its affiliates, if:
No commission or other fee is paid to the QPAM by the investment fund.
That ownership provision states that a party in interest is related to a QPAM if:
the party in interest (or a person controlling or controlled by the party in interest) owns a 5% or more interest in the QPAM, or