Building a Better Default

The new qualified default investment alternative (QDIA) regulations, which went into effect last month, answered many questions—but, as is often the case, "These regulations are like an artichoke; you keep peeling off layers and there's more underneath. Some of the layers have stickers on them as well," says Fred Reish, Managing Director and Partner of the Los Angeles-based law firm of Reish Luftman Reicher & Cohen.