Proposed Extension of Information Collection; Request for Public Comment; Prohibited Transaction Class Exemption 80-83; Employee Benefit Plan Purchase of Securities Benefiting Party in Interest Issuer, 70544-70545 [E6-20520]

Download as PDF 70544 Federal Register / Vol. 71, No. 233 / Tuesday, December 5, 2006 / Notices regulations or by the competent authority in the country involved. This notice is a general solicitation of comments from the public. Signed at Washington, DC, this 29th day of November, 2006. James Carter, Deputy Undersecretary, Bureau of International Labor Affairs. [FR Doc. E6–20561 Filed 12–4–06; 8:45 am] BILLING CODE 4510–28–P DEPARTMENT OF LABOR Employee Benefits Security Administration Proposed Extension of Information Collection; Comment Request; Prohibited Transaction Class Exemption 75–1; Employee Benefit Plan Security Transactions With Broker-Dealers, Reporting Dealers and Banks Employee Benefits Security Administration, Department of Labor. ACTION: Notice. ycherry on PROD1PC64 with NOTICES AGENCY: SUMMARY: The Department of Labor (the Department), in accordance with the Paperwork Reduction Act of 1995 (PRA) (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 program helps the Department assess the impact of its information collection requirements and minimize the reporting burden on the public and helps 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 Prohibited Transaction Class Exemption (PTE) 75–1, pertaining to securities and other related transactions with broker-dealers, reporting dealers and banks. A copy of the information collection request (ICR) can be obtained by contacting the office shown in the ADDRESSES section of this notice. DATES: Written comments must be submitted to the office shown in the Addresses section on or before February 5, 2007. 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–5647, Washington, DC 20210. Telephone: (202) 693–8410; Fax: (202) VerDate Aug<31>2005 15:14 Dec 04, 2006 Jkt 211001 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 PTE 75–1 provides exemptions from certain prohibited transaction provisions of the Employment Retirement Income Security Act of 1974 (ERISA), and the Internal Revenue Code of 1986 (Code) for specified types of transactions between employee benefit plans and broker-dealers, reporting dealers and banks relating to securities purchases and sales, provided specified conditions are met. The exempted transactions include an employee benefit plan’s purchase of securities from broker-dealers’ inventories of stocks, from underwriting syndicates in which a plan fiduciary is a member, from banks, from reporting dealers, and from a market-maker even if a marketmaker is a plan fiduciary. The exempted transactions also include, under certain conditions, a plan’s accepting an extension of credit from a broker-dealer for the purpose of facilitating settlement of a securities transaction. Among other conditions, PTE 75–1 requires that a party seeking to rely on the exemption with respect to a transaction maintain adequate records of the transaction for a period of six years. The Department has obtained approval from the Office of Management and Budget (OMB) for this information collection under OMB Control No. 1210–0092. This approval is currently scheduled to expire on March 30, 2007. II. Current Actions This notice requests public comment pertaining to the Department’s request for extension of OMB approval of the information collection contained in PTE 75–1. After considering comments received in response to this notice, the Department intends to submit an ICR to OMB for continuing approval of the information collection contained in PTE 75–1. No change to the existing ICR is proposed or made at this time. An agency may not conduct or sponsor, and a person is not required to respond to, an information collection unless it displays a valid OMB control number. A summary of the ICR and the current burden estimates follows: Agency: Employee Benefits Security Administration, Department of Labor. Title: Prohibited Transaction Class Exemption 75–1; Employee Benefit Plan Security Transactions with BrokerDealers, Reporting Dealers and Banks. PO 00000 Frm 00044 Fmt 4703 Sfmt 4703 Type of Review: Extension of a currently approved collection of information. OMB Number: 1210–0092. Affected Public: Business or other forprofit; not-for-profit institutions. Respondents: 9750. Responses: 9750. Estimated Total Burden Hours: 1625. Estimate Total Burden Cost: $86,125. III. 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 submissions of responses. Comments submitted in response to this notice will be summarized and/or included in the ICR submitted to OMB; they will also become a matter of public record. Joseph A. Piacentini, Director, Office of Policy and Research, Employee Benefits Security Administration [FR Doc. E6–20519 Filed 12–4–06; 8:45 am] BILLING CODE 4510–29–P DEPARTMENT OF LABOR Employee Benefits Security Administration Proposed Extension of Information Collection; Request for Public Comment; Prohibited Transaction Class Exemption 80–83; Employee Benefit Plan Purchase of Securities Benefiting Party in Interest Issuer Employee Benefits Security Administration, Department of Labor. ACTION: Notice. AGENCY: SUMMARY: The Department of Labor (the Department), in accordance with the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3506(c)(2)(A)), provides the E:\FR\FM\05DEN1.SGM 05DEN1 Federal Register / Vol. 71, No. 233 / Tuesday, December 5, 2006 / Notices 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 helps 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 the proposed extension of the information collection provisions of Prohibited Transaction Class Exemption (PTE) 80–83. 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 on or before February 5, 2007. 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–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: ycherry on PROD1PC64 with NOTICES I. Background PTE 80–83 provides an exemption from certain prohibited transaction provisions of the Employment Retirement Income Security Act of 1974 (ERISA) and from certain taxes imposed by the Internal Revenue Code of 1986 (Code) for transactions in which an employee benefit plan purchases securities when the proceeds from such purchase may be used to reduce or retire a debt owed by a party in interest with respect to such plan, provided that specified conditions are met. Among other conditions, PTE 80–83 requires that adequate records pertaining to an exempted transaction be maintained for six years. The Department has approval from the Office of Management and Budget (OMB) for this information collection requirement under OMB Control No. 1210–0064. This approval is currently scheduled to expire on March 30, 2007. II. Current Actions This notice requests public comment pertaining to the Department’s request for extension of OMB approval of the information collection contained in PTE 80–83. After considering comments received in response to this notice, the VerDate Aug<31>2005 15:14 Dec 04, 2006 Jkt 211001 Department intends to submit an ICR to OMB for continuing approval of the information collection contained in PTE 80–83. No change to the existing ICR is proposed or made at this time. An agency may not conduct or sponsor, and a person is not required to respond to, an information collection unless it displays a valid OMB control number. A summary of the ICR and the current burden estimates follows: Agency: Employee Benefits Security Administration, Department of Labor. Title: Prohibited Transaction Class Exemption 80–83; Employee Benefit Plan Purchase of Securities Benefiting Party in Interest Issuer. Type of Review: Extension of a currently approved collection of information. OMB Number: 1210–0064. Affected Public: Business or other forprofit; not-for-profit institutions. Respondents: 25. Responses: 25. Estimated Total Burden Hours: 2 hours. III. 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., by permitting electronic submissions of responses. Comments submitted in response to this notice will be summarized and/or included in the ICR submitted to OMB; they will also become a matter of public record. Joseph A. Piacentini, Director, Office of Policy and Research, Employee Benefits Security Administration. [FR Doc. E6–20520 Filed 12–4–06; 8:45 am] BILLING CODE 4510–29–P PO 00000 Frm 00045 Fmt 4703 Sfmt 4703 70545 DEPARTMENT OF LABOR Employee Benefits Security Administration Proposed Extension of Information Collection; Comment Request; Petition for Finding Under Section 3(40) of ERISA Employee Benefits Security Administration, Department of Labor. ACTION: Notice. AGENCY: SUMMARY: The Department of Labor (the Department), in accordance with the Paperwork Reduction Act of 1995 (PRA) (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 program helps the Department assess the impact of its information collection requirements and minimize the reporting burden on the public. It also helps 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 the proposed extension of the information collections contained in regulations pertaining to the Department’s procedures to making a finding under section 3(40) of the Employee Retirement Income Security Act of 1974 (ERISA) as to whether an employee benefit plan is established and maintained pursuant to one or more collective bargaining agreements. A copy of the information collection request (ICR) can be obtained by contacting the office shown in the ADDRESSES section of this notice. DATES: Written comments must be submitted to the office shown in the ADDRESSES section on or before February 5, 2007. 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–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 Rules codified beginning at 29 CFR 2570.150 set forth an administrative procedure (‘‘procedural rules’’) for obtaining a determination by the E:\FR\FM\05DEN1.SGM 05DEN1

Agencies

[Federal Register Volume 71, Number 233 (Tuesday, December 5, 2006)]
[Notices]
[Pages 70544-70545]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-20520]


-----------------------------------------------------------------------

DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection; Request for Public 
Comment; Prohibited Transaction Class Exemption 80-83; Employee Benefit 
Plan Purchase of Securities Benefiting Party in Interest Issuer

AGENCY: Employee Benefits Security Administration, Department of Labor.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: The Department of Labor (the Department), in accordance with 
the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3506(c)(2)(A)), 
provides the

[[Page 70545]]

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 helps 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 the proposed extension of the information collection provisions of 
Prohibited Transaction Class Exemption (PTE) 80-83. 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 on or before February 5, 
2007.

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-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

    PTE 80-83 provides an exemption from certain prohibited transaction 
provisions of the Employment Retirement Income Security Act of 1974 
(ERISA) and from certain taxes imposed by the Internal Revenue Code of 
1986 (Code) for transactions in which an employee benefit plan 
purchases securities when the proceeds from such purchase may be used 
to reduce or retire a debt owed by a party in interest with respect to 
such plan, provided that specified conditions are met. Among other 
conditions, PTE 80-83 requires that adequate records pertaining to an 
exempted transaction be maintained for six years. The Department has 
approval from the Office of Management and Budget (OMB) for this 
information collection requirement under OMB Control No. 1210-0064. 
This approval is currently scheduled to expire on March 30, 2007.

II. Current Actions

    This notice requests public comment pertaining to the Department's 
request for extension of OMB approval of the information collection 
contained in PTE 80-83. After considering comments received in response 
to this notice, the Department intends to submit an ICR to OMB for 
continuing approval of the information collection contained in PTE 80-
83. No change to the existing ICR is proposed or made at this time. An 
agency may not conduct or sponsor, and a person is not required to 
respond to, an information collection unless it displays a valid OMB 
control number. A summary of the ICR and the current burden estimates 
follows:
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Prohibited Transaction Class Exemption 80-83; Employee 
Benefit Plan Purchase of Securities Benefiting Party in Interest 
Issuer.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0064.
    Affected Public: Business or other for-profit; not-for-profit 
institutions.
    Respondents: 25.
    Responses: 25.
    Estimated Total Burden Hours: 2 hours.

III. 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., by 
permitting electronic submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR submitted to OMB; they will also become a 
matter of public record.

Joseph A. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
 [FR Doc. E6-20520 Filed 12-4-06; 8:45 am]
BILLING CODE 4510-29-P