Proposed Extension of Information Collection; Comment Request; Final Rule on Statutory Exemption for Cross-Trading of Securities, 69365-69366 [E9-31000]

Agencies

• Employee Benefits Security Administration
• DEPARTMENT OF LABOR

[Federal Register Volume 74, Number 250 (Thursday, December 31, 2009)]
[Notices]
[Pages 69365-69366]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-31000]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection; Comment Request; 
Final Rule on Statutory Exemption for Cross-Trading of Securities

AGENCY: Employee Benefits Security Administration, Department of Labor.

ACTION: Notice.

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SUMMARY: The Department of Labor (the Department), in accordance with 
the Paperwork Reduction Act of 1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)), 
provides the general public and Federal agencies with an opportunity to 
comment on proposed and continuing collections of information. This 
helps the Department assess the impact of its information collection 
requirements and minimize the reporting burden on the public and the 
public understand the Department's information collection requirements 
and provide the requested data in the desired format. Currently, the 
Employee Benefits Security Administration (EBSA) is soliciting comments 
on a proposed extension of the current approval of information 
collection provisions incorporated in the regulation pertaining to the 
statutory exemption for cross-trading of securities. A copy of the 
information collection request (ICR) may be obtained by contacting the 
office listed in the ADDRESSES section of this notice or at https://www.RegInfo.gov.

DATES: Written comments must be submitted on or before March 1, 2010.

ADDRESSES: Direct all written comments to G. Christopher Cosby, Office 
of Policy and Research, Employee Benefits Security Administration, U.S. 
Department of Labor, 200 Constitution Avenue, NW., Room N-5647, 
Washington, DC 20210. Telephone: (202) 693-8410; Fax: (202) 219-4745. 
These are not toll-free numbers. Comments may also be submitted 
electronically to the following Internet e-mail address: 
ebsa.opr@dol.gov.

SUPPLEMENTARY INFORMATION:

I. Background

    The Interim Final Rule on Statutory Exemption for Cross-Trading of 
Securities implements the content requirements for the written cross-
trading policies and procedures required under section 408(b)(19)(H) of 
ERISA, as added by section 611(g) of the Pension Protection Act of 
2006, Public Law 109-280 (PPA). Section 611(g)(1) of the PPA created a 
new statutory exemption, added to section 408(b) of ERISA as subsection 
408(b)(19), that exempts from the prohibitions of sections 406(a)(1)(A) 
and 406(b)(2) of ERISA those cross-trading transactions involving the 
purchase and sale of a security between an account holding assets of a 
pension plan and any other account managed by the same investment 
manager, provided that certain conditions are satisfied. Section 
611(g)(3) of the PPA further directed the Secretary of Labor to issue 
regulations, within 180 days after enactment, regarding the content of 
the policies and procedures to be adopted by an investment manager to 
satisfy the conditions of the new statutory exemption.
    The Department issued a final cross-trading regulation on October 
7, 2008. OMB approved the ICR at the proposed rule stage on April 27, 
2007, under control number 1210-0130, which expires on April 30, 2010. 
The final rule did not implement any substantive or material change to 
the information collection; therefore, no change was made to the ICR, 
and no further OMB review was required. The public is not required to 
respond to an information collection unless it displays a valid control 
number. No change to the existing ICR is being proposed or made at this 
time.

II. Desired Focus of Comments

    The Department of Labor (Department) is particularly interested in 
comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including through the use of appropriate 
automated, electronic, mechanical, or other technological collection 
techniques or other forms of information technology, e.g., permitting 
electronic submissions of responses.

III. Current Action

    This notice requests comments on an extension of OMB's approval of 
the information collections included in 29 CFR 2550.408b-19. The 
Department is not proposing or implementing changes to the existing ICR 
at this time. A summary of the ICR and the current burden estimates 
follows:
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Final Rule on Statutory Exemption for Cross-Trading of 
Securities.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0130.
    Affected Public: Business or other for-profit; Not-for-profit 
institutions.
    Respondents: 1,600.
    Responses: 15,000.
    Estimated Total Burden Hours: 17,000.
    Estimated Total Burden Cost (Operating and Maintenance): $58,000.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of the ICR; they will 
also become a matter of public record.


[[Page 69366]]


    Dated: December 24, 2009.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
[FR Doc. E9-31000 Filed 12-30-09; 8:45 am]
BILLING CODE 4510-29-P