Proposed Extension of Information Collection Request Submitted for Public Comment and Recommendations; Prohibited Transaction Class Exemption 98-54-Foreign Exchange Transactions Executed Pursuant to Standing Instructions, 72765-72766 [E7-24807]

Download as PDF Federal Register / Vol. 72, No. 245 / Friday, December 21, 2007 / Notices regulatory burden associated with processing individual exemptions for transactions prohibited under ERISA. DEPARTMENT OF LABOR Employee Benefits Security Administration II. Review Focus 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., permitting electronic submissions of responses. III. Current Actions mstockstill on PROD1PC66 with NOTICES The Office of Management and Budget’s (OMB) approval of this ICR will expire on March 31, 2008. After considering comments received in response to this notice, the Department intends to submit the ICR to OMB for continuing approval. No change to the existing ICR is proposed or made at this time. Comments submitted in response to this notice will be summarized and/ or included in the request for OMB. Agency: Employee Benefits Security Administration. Title: Prohibited Transaction Exemption 96–62; Accelerated Approval of an Otherwise Prohibited Transaction. Type of Review: Extension of a currently approved collection of information. OMB Number: 1210–0098. Affected Public: Business or other forprofit, Not-for-profit institutions, Individuals. Total Respondents: 42. Total Responses: 42. Frequency: On occasion. Estimated Total Burden Hours: 53. Total Annual Costs (Operating and Maintenance): $43,491. Dated: December 10, 2007. Joseph S. Piacentini, Director, Employee Benefits Security Administration, Office of Policy and Research. [FR Doc. E7–24806 Filed 12–20–07; 8:45 am] BILLING CODE 4510–29–P VerDate Aug<31>2005 18:37 Dec 20, 2007 Jkt 214001 Proposed Extension of Information Collection Request Submitted for Public Comment and Recommendations; Prohibited Transaction Class Exemption 98–54— Foreign Exchange Transactions Executed Pursuant to Standing Instructions Employee Benefits Security Administration, Department of Labor. ACTION: Notice. AGENCY: 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 requested data can be provided in the desired format, reporting burden (time and financial resources) is minimized, collection instruments are clearly understood, and the impact of collection requirements on respondents can be properly assessed. Currently, the Employee Benefits Security Administration is soliciting comments on the proposed extension of the information collection provisions of Prohibited Transaction Exemption 98–54 (PTE 98–54). A copy of the information collection request (ICR) can be obtained by contacting the individual 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 19, 2008. ADDRESSES: Gerald B. Lindrew, Department of Labor, Employee Benefits Security Administration, 200 Constitution Avenue, NW., Room N–5718, Washington, DC 20210, (202) 693–8410, FAX (202) 693–4745 (these are not toll-free numbers). SUPPLEMENTARY INFORMATION: I. Background PTE 98–54 permits certain foreign exchange transactions between employee benefit plans and certain banks, broker-dealers, and domestic affiliates thereof, which are parties in interest with respect to such plans, pursuant to standing instructions. In the absence of an exemption, foreign exchange transactions pursuant to PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 72765 standing instructions would be prohibited under circumstances where the bank or broker-dealer is a party in interest or disqualified person with respect to the plan under the Employee Retirement Income Securities Act (ERISA) or the Internal Revenue Code (Code). The class exemption has five basic information collection requirements. The first requires the bank or brokerdealer to maintain written policies and procedures for handling foreign exchange transactions for plans for which it is a party in interest which ensure that the party acting for the bank or broker-dealer knows it is dealing with a plan. The second requires that the transactions are performed in accordance with a written authorization executed in advance by an independent fiduciary of the plan. The third requires that the bank or broker-dealer provides the authorizing fiduciary with a copy of its written policies and procedures for foreign exchange transactions involving income item conversions and de minimis purchase and sale transactions prior to the execution of a transaction. The fourth requires the bank or brokerdealer to furnish the authorizing fiduciary a written confirmation statement with respect to each covered transaction within five days of execution. The fifth requires that the bank or broker-dealer maintains records necessary for plan fiduciaries, participants, and the Department and Internal Revenue Service to determine whether the conditions of the exemption are being met for a period of six years from the date of execution of a transaction. By requiring that records pertaining to the exempted transaction be maintained for six years, this ICR insures that the exemption is not abused, the rights of the participants and beneficiaries are protected, and that compliance with the exemption’s conditions can be confirmed. The exemption affects participants and beneficiaries of the plans that are involved in such transactions as well as certain banks, broker-dealers, and domestic affiliates thereof. II. Review Focus 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 E:\FR\FM\21DEN1.SGM 21DEN1 72766 Federal Register / Vol. 72, No. 245 / Friday, December 21, 2007 / Notices 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 Actions mstockstill on PROD1PC66 with NOTICES The Office of Management and Budget’s (OMB) approval of this ICR will expire on April 30, 2008. After considering comments received in response to this notice, the Department intends to submit the ICR to OMB for continuing approval. No change to the existing ICR is proposed or made at this time. Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval of the information collection request; they will also become a matter of public record. Agency: Employee Benefits Security Administration, Department of Labor. Title: Prohibited Transaction Class Exemption 98–54 relating to Certain Employee Benefit Plan Foreign Exchange Transactions Executed Pursuant to Standing Instructions. Type of Review: Extension of a currently approved collection of information. OMB Number: 1210–0111. Affected Public: Individuals or households; Business or other for-profit; Not-for-profit institutions. Respondents: 35. Responses: 8,400. Average Response Time: 30 minutes. Estimated Total Burden Hours: 4,200. Total Annualized Capital/Startup Costs: $0. Total Annual Costs (operating/ maintaining systems or purchasing services): $0. Dated: December 10, 2007. Joseph S. Piacentini, Director, Office of Policy and Research, Employee Benefits Security Administration. [FR Doc. E7–24807 Filed 12–20–07; 8:45 am] BILLING CODE 4510–29–P VerDate Aug<31>2005 18:37 Dec 20, 2007 Jkt 214001 DEPARTMENT OF LABOR Employee Benefits Security Administration Proposed Extension of Information Collection Request Submitted for Public Comment and Recommendations: Prohibited Transaction Class Exemption T88–1 Employee Benefits Security Administration, Department of Labor. ACTION: Notice. AGENCY: 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) (44 U.S.C. 3506(c)(2)(A)). This helps to ensure that requested data can be provided in the desired format, reporting burden (time and financial resources) is minimized, collection instruments are clearly understood, and the impact of collection requirements on respondents can be properly assessed. Currently, the Employee Benefits Security Administration is soliciting comments concerning the extension of a currently approved collection of information, Prohibited Transaction Class Exemption T88–1. A copy of the proposed information collection request (ICR) can be obtained by contacting the office listed below in the ADDRESSES section of this notice. DATES: Written comments must be submitted on or before February 19, 2008. ADDRESSES: Gerald B. Lindrew, Office of Policy and Research, U.S. Department of Labor, Employee Benefits Security Administration, 200 Constitution Avenue, NW., Room N–5718, Washington, DC 20210, (202) 693–8410, FAX (202) 693–4745. These are not tollfree numbers. SUPPLEMENTARY INFORMATION: I. Background Prohibited Transaction Exemption T88–1 adopts, for purposes of the prohibited transaction provisions of section 8477(c)(2) of the Federal Employees’ Retirement System Act of 1986 (FERSA), certain prohibited transaction class exemptions (the Class Exemptions) granted pursuant to section 408(a) of the Employee Income Security Act of 1974. This existing collection of information should be continued because, without PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 the relief provided by this exemption, certain transactions described in the Class Exemptions might be prohibited under FERSA. The recordkeeping requirements incorporated within the class exemption are intended to protect the interests of plan participants and beneficiaries. This ICR is intended to provide the Department with sufficient information to support a finding that the exemption meets the statutory standards of section 408(a) of ERISA, and to provide affected parties with the opportunity to comment on the proposed transaction, while at the same time reducing the regulatory burden associated with processing individual exemptions for transactions prohibited under ERISA. The exemption affects participants and beneficiaries of the plans that are involved in such transactions as well as the party entering into the transaction with the plan. 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., permitting electronic submissions of responses. III. Current Actions The Office of Management and Budget’s (OMB) approval of this ICR will expire on April 30, 2008. After considering comments received in response to this notice, the Department intends to submit the ICR to OMB for continuing approval. No change to the existing ICR is proposed or made at this time. Agency: Employee Benefits Security Administration. Title: Prohibited Transaction Exemption T88–1. Type of Review: Extension of a currently approved collection of information. E:\FR\FM\21DEN1.SGM 21DEN1

Agencies

[Federal Register Volume 72, Number 245 (Friday, December 21, 2007)]
[Notices]
[Pages 72765-72766]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-24807]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection Request Submitted 
for Public Comment and Recommendations; Prohibited Transaction Class 
Exemption 98-54--Foreign Exchange Transactions Executed Pursuant to 
Standing Instructions

AGENCY: Employee Benefits Security Administration, Department of Labor.

ACTION: Notice.

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

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 requested data can be 
provided in the desired format, reporting burden (time and financial 
resources) is minimized, collection instruments are clearly understood, 
and the impact of collection requirements on respondents can be 
properly assessed. Currently, the Employee Benefits Security 
Administration is soliciting comments on the proposed extension of the 
information collection provisions of Prohibited Transaction Exemption 
98-54 (PTE 98-54).
    A copy of the information collection request (ICR) can be obtained 
by contacting the individual 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 19, 2008.

ADDRESSES: Gerald B. Lindrew, Department of Labor, Employee Benefits 
Security Administration, 200 Constitution Avenue, NW., Room N-5718, 
Washington, DC 20210, (202) 693-8410, FAX (202) 693-4745 (these are not 
toll-free numbers).

SUPPLEMENTARY INFORMATION:

I. Background

    PTE 98-54 permits certain foreign exchange transactions between 
employee benefit plans and certain banks, broker-dealers, and domestic 
affiliates thereof, which are parties in interest with respect to such 
plans, pursuant to standing instructions. In the absence of an 
exemption, foreign exchange transactions pursuant to standing 
instructions would be prohibited under circumstances where the bank or 
broker-dealer is a party in interest or disqualified person with 
respect to the plan under the Employee Retirement Income Securities Act 
(ERISA) or the Internal Revenue Code (Code).
    The class exemption has five basic information collection 
requirements. The first requires the bank or broker-dealer to maintain 
written policies and procedures for handling foreign exchange 
transactions for plans for which it is a party in interest which ensure 
that the party acting for the bank or broker-dealer knows it is dealing 
with a plan. The second requires that the transactions are performed in 
accordance with a written authorization executed in advance by an 
independent fiduciary of the plan. The third requires that the bank or 
broker-dealer provides the authorizing fiduciary with a copy of its 
written policies and procedures for foreign exchange transactions 
involving income item conversions and de minimis purchase and sale 
transactions prior to the execution of a transaction. The fourth 
requires the bank or broker-dealer to furnish the authorizing fiduciary 
a written confirmation statement with respect to each covered 
transaction within five days of execution. The fifth requires that the 
bank or broker-dealer maintains records necessary for plan fiduciaries, 
participants, and the Department and Internal Revenue Service to 
determine whether the conditions of the exemption are being met for a 
period of six years from the date of execution of a transaction.
    By requiring that records pertaining to the exempted transaction be 
maintained for six years, this ICR insures that the exemption is not 
abused, the rights of the participants and beneficiaries are protected, 
and that compliance with the exemption's conditions can be confirmed. 
The exemption affects participants and beneficiaries of the plans that 
are involved in such transactions as well as certain banks, broker-
dealers, and domestic affiliates thereof.

II. Review Focus

    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

[[Page 72766]]

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 Actions

    The Office of Management and Budget's (OMB) approval of this ICR 
will expire on April 30, 2008. After considering comments received in 
response to this notice, the Department intends to submit the ICR to 
OMB for continuing approval. No change to the existing ICR is proposed 
or made at this time.
    Comments submitted in response to this notice will be summarized 
and/or included in the request for OMB approval of the information 
collection request; they will also become a matter of public record.
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Prohibited Transaction Class Exemption 98-54 relating to 
Certain Employee Benefit Plan Foreign Exchange Transactions Executed 
Pursuant to Standing Instructions.
    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0111.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Respondents: 35.
    Responses: 8,400.
    Average Response Time: 30 minutes.
    Estimated Total Burden Hours: 4,200.
    Total Annualized Capital/Startup Costs: $0.
    Total Annual Costs (operating/maintaining systems or purchasing 
services): $0.

    Dated: December 10, 2007.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
[FR Doc. E7-24807 Filed 12-20-07; 8:45 am]
BILLING CODE 4510-29-P