Advisory Opinion 2013-01A

This document is an advisory opinion from the U.S. Department of Labor on the application of ERISA to certain "cleared swap" transactions conducted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. It addresses whether a clearing member is a fiduciary under ERISA, whether the clearing member or central counterparty is a party-in-interest, and whether the exercise of default rights or party-in-interest status results in prohibited transactions under ERISA.