Proposed Extension of Information Collection; Comment Request; Prohibited Transaction Class Exemption 94-20, Foreign Exchange Transactions, 19546-19547 [E6-5568]

Agencies

• Employee Benefits Security Administration
• DEPARTMENT OF LABOR

[Federal Register Volume 71, Number 72 (Friday, April 14, 2006)]
[Notices]
[Pages 19546-19547]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-5568]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection; Comment Request; 
Prohibited Transaction Class Exemption 94-20, Foreign Exchange 
Transactions

AGENCY: Employee Benefit Security Administration, DOL.

ACTION: Notice.

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SUMMARY: The Department of Labor, as part of its continuing effort to 
reduce paperwork and respondent burden, conducts a preclearance 
consultation program to provide the general public and Federal agencies 
with an opportunity to comment on proposed and continuing collections 
of information in accordance with the Paperwork Reduction Act of 1995 
(PRA 95). This program helps to ensure that the Department can properly 
assess the impact of its information collection requirements on 
respondents and minimize the reporting burden (time and financial 
resources) on the public and that the public can understand the 
Department's collection instruments and provide the requested data in 
the desired format. Currently, the Employee Benefits Security 
Administration (EBSA) is soliciting comments on the proposed extension 
of the information collection provisions of Prohibited Transaction 
Class Exemption (PTE) 94-20, Foreign Exchange Transactions. A copy of 
the information collection request (ICR) may be obtained by contacting 
the office listed in the Addresses section of this notice.

DATES: Written comments must be submitted to the office shown in the 
ADDRESSES section below on or before June 13, 2006.

ADDRESSES: Direct all written comments to Susan G. Lahne, Office of 
Policy and Research, Employee Benefits Security Administration, U.S. 
Department of Labor, 200 Constitution Avenue, NW., Room N-5718, 
Washington, DC 20210, (202) 693-8410, FAX (202) 219-4745 (the foregoing 
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

    PTE 94-20 permits the purchase and sale of foreign currencies 
between an employee benefit plan and a bank, broker-dealer, or an 
affiliate thereof, that is a trustee, custodian, fiduciary, or other 
party in interest with respect to the plan. The exemption is available 
provided that the transaction is directed (within the meaning of 
section IV(e) of the exemption) by a plan fiduciary that is independent 
of the bank, broker-dealer, or affiliate and all other conditions of 
the exemption are satisfied. Without this exemption, certain aspects of 
these transactions might be prohibited by section 406(a) of ERISA. To 
protect the interests of participants and beneficiaries of the employee 
benefit plan, the exemption requires that the party wishing to take 
advantage of the exemption (1) develop written policies and procedures 
applicable to trading in foreign currencies on behalf of an employee 
benefit plan; (2) provide a written confirmation with respect to each 
transaction in foreign currency to the independent plan fiduciary, 
disclosing specified information; and (3) maintain records pertaining 
to the transaction for a period of six years. This ICR relates to the 
foregoing disclosure and recordkeeping requirements.

II. Desired Focus of Comments

    The 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., by 
permitting electronic submission of responses.

III. Current Action

    This notice requests comments on the extension of the ICR included 
in PTE 94-20. The Department is not proposing or implementing changes 
to the existing ICR at this time. The following summarizes the ICR and 
the current burden estimates:
    Type of Review: Extension of a currently approved collection of 
information.
    Agency: Employee Benefits Security Administration, Department of 
Labor.

[[Page 19547]]

    Titles: Foreign Exchange Transactions; PTCE 94-20.
    OMB Number: 1210-0085.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Respondents: 239.
    Frequency of Response: On occasion.
    Responses: 1,195.
    Estimated Total Burden Hours: 100.
    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.

    Dated:April 10, 2006.
Susan G. Lahne,
Office of Policy and Research, Employee Benefits Security 
Administration.
 [FR Doc. E6-5568 Filed 4-13-06; 8:45 am]
BILLING CODE 4510-20-P