Hearing on Proposed Class Exemption for Investment Advice, 60720-60721 [E8-24338]

Download as PDF 60720 Federal Register / Vol. 73, No. 199 / Tuesday, October 14, 2008 / Notices jlentini on PROD1PC65 with NOTICES Written comments should be directed to: Gerard F. Ramker, Bureau of Justice Statistics, 810 Seventh St., NW., Washington, DC 20531. Comments are solicited to: —Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the Bureau of Justice Statistics pursuant to the NICS Improvement Amendments Act of 2007, including whether the information will have practical utility; —Evaluate the accuracy of the agencies’ 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 submission of responses. Overview of This Information Collection (1) Type of Information Collection: New information collection. (2) Title of the Form/Collection: NICS Act State Record Estimates Data Collection. (3) Agency form number, if any, and the applicable component of the Department of Justice sponsoring the collection: Not applicable. (4) Affected public who will be asked or required to respond, as well as a brief abstract: Primary: State and Local Government. This information collection seeks of available state and local records, and other information pursuant to the NICS Improvement Amendments Act of 2007 (Pub. L. 110– 180), enacted on January 8, 2008. Submission of this information is a prerequisite for states to be eligible to apply for federal grant funds under programs authorized in the Act, should Congress appropriate funds for this purpose. (5) An estimate of the total number of respondents and the amount of time estimated for an average respondent to respond: Respondents may include the fifty (50) states, the District of Columbia, and the territories of Guam, American Samoa, U.S. Virgin Islands, Puerto Rico, and the Commonwealth of the Northern Mariana Islands. The time required to complete the information collection form is estimated at two (2) hours. It is estimated that the collaboration, VerDate Aug<31>2005 15:37 Oct 10, 2008 Jkt 217001 research and analysis required to develop the estimates and formulate the responses required by the initial information collection could range between 8 and 160 hours depending on the availability of data on which required estimates can be based. (6) An estimate of the total public burden (in hours) associated with the collection: The range of total burden hours associated with this collection is estimated at between 896 and 17,920 hours. If additional information is required contact: Lynn Bryant, Department Clearance Officer, United States Department of Justice, Justice Management Division, Policy and Planning Staff, Patrick Henry Building, Suite 1600, 601 D Street, NW., Washington, DC 20530. Dated: October 7, 2008. Lynn Bryant, Department Clearance Officer, PRA, U.S. Department of Justice. [FR Doc. E8–24328 Filed 10–10–08; 8:45 am] BILLING CODE 4410–18–P DEPARTMENT OF LABOR Employee Benefits Security Administration Hearing on Proposed Class Exemption for Investment Advice Employee Benefits Security Administration, U.S. Department of Labor. ACTION: Notice of hearing. AGENCY: SUMMARY: Notice is hereby given that the Department of Labor will hold a hearing on the Department’s proposed class exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974, as amended (ERISA, or the Act), and from certain taxes imposed by the Internal Revenue Code of 1986, as amended (Code), for the provision of investment advice to participants and beneficiaries of self-directed individual account plans and individual retirement accounts (IRAs). DATES: The hearing will be held on October 21, 2008, beginning at 8 a.m., EST. Persons interested in presenting testimony and answering questions at the public hearing must submit requests and certain other information (as discussed below), by 3:30 p.m., EST, October 16, 2008. ADDRESSES: The hearing will be held at the U.S. Department of Labor, Room S– 3215 A&B, 200 Constitution Avenue, NW., Washington, DC 20210. PO 00000 Frm 00049 Fmt 4703 Sfmt 4703 Fil Williams, Office of Regulations and Interpretations, Employee Benefits Security Administration, (202) 693– 8510. This is not a toll-free number. SUPPLEMENTARY INFORMATION: On August 22, 2008, notice was published in the Federal Register (73 FR 49924) that the Department of Labor (the Department) has under consideration a proposed class exemption to permit the provision of investment advice to participants and beneficiaries of self-directed individual account plans, such as 401(k) plans, and IRAs. The Department proposed the class exemption on its own motion pursuant to section 408(a) of ERISA, and in accordance with the procedures set forth in 29 CFR Part 2570, subpart B (55 FR 32836, August 10, 1990). Specifically, upon adoption, the proposed exemption would provide relief from the restrictions of section 406(a) and 406(b) of the Act, and from the taxes imposed by section 4975(a) and (b) of the Code, by reason of section 4975(c)(1) of the Code, for the provision of investment advice described in section 3(21)(A)(ii) of ERISA by a fiduciary adviser to a participant or beneficiary in an individual account plan or IRA (and certain similar plans), the acquisition, holding or sale of a security or other property pursuant to the investment advice, and the direct or indirect receipt of fees or other compensation by the fiduciary adviser (or any employee, agent, registered representative or affiliate thereof) in connection with such transactions. Upon adoption, the class exemption would affect sponsors, fiduciaries, participants and beneficiaries of participant-directed individual account plans and IRAs, as well as providers of investment and investment advicerelated services to such plans. In the notice of proposed exemption, the Department invited interested persons to submit written comments on or before October 6, 2008. To date, the Department has received approximately 39 written comments concerning the proposed class exemption, many of which were from major industry groups. All written comments are available to the public, without charge, online at http://www.dol.gov/ebsa and at the Public Disclosure Room N–1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210. In their written comments, four parties requested that the Department hold a public hearing to more fully examine issues raised under the proposed class exemption, and FOR FURTHER INFORMATION CONTACT: E:\FR\FM\14OCN1.SGM 14OCN1 jlentini on PROD1PC65 with NOTICES Federal Register / Vol. 73, No. 199 / Tuesday, October 14, 2008 / Notices expressed an interest in testifying. In view of the importance of this initiatives and its potential for significantly affecting the provision of investment advice to participants and beneficiaries in affected plans, and taking into account the concerns of these commenters, the Department has decided to hold a public hearing. The primary purpose of this hearing is to further develop the public record regarding the class exemption and to assist the Department in understanding the issues and other concerns raised by the written comments. Because information contained in previouslysubmitted written comments is already part of the public record, the Department expects that persons testifying at the hearing will present information not previously addressed in their written comments. The hearing will be held on October 21, 2008, beginning at 8 a.m. and ending at 5 p.m., EST, in Room S–3215 A&B of the Department of Labor, Francis Perkins Building, at 200 Constitution Avenue, NW., Washington, DC 20210. Persons interested in presenting testimony and answering questions at this public hearing must submit, by 3:30 p.m., EST, October 16, 2008, the following information: (1) A written request to be heard; and (2) An outline of the topics to be discussed, indicating the time allocated to each topic. To facilitate the receipt and processing of responses, EBSA encourages interested persons to submit their requests and outlines electronically by e-mail to e-ORI@dol.gov. Persons submitting requests and outlines electronically are encouraged not to submit paper copies. Persons submitting requests and outlines on paper should send or deliver their requests and outlines (preferably at least three copies) to the Office of Regulations and Interpretations, Employee Benefits Security Administration, Attn: Investment Advice Class Exemption Hearing, Room N–5655, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210. All requests and outlines submitted to the Department will be available to the public, without charge, online at http://www.dol.gov/ebsa and at the Public Disclosure Room N–1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210. The Department will prepare an agenda indicating the order of presentation of oral comments and testimony. In the absence of special circumstances, each presenter will be allotted ten (10) minutes in which to complete his or her presentation. VerDate Aug<31>2005 15:37 Oct 10, 2008 Jkt 217001 Any individuals with disabilities who may need special accommodations should notify Fil Williams on or before October 16, 2008. Information about the agenda will be posted on http://www.dol.gov/ebsa on or after October 16, 2008, or may be obtained by contacting Fil Williams, Office of Regulations and Interpretations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693–8510 (this is not a toll-free number). Those individuals who make oral comments and testimonies at the hearing should be prepared to answer questions regarding their information and/or comments. The hearing will be transcribed. Notice of Public Hearing Notice is hereby given that a public hearing will be held on October 21, 2008, concerning the Department’s proposed class exemption for the provision of investment advice to participants and beneficiaries of selfdirected individual account plans and IRAs. The hearing will be held beginning at 8 a.m. in Room S–3215 A&B of the U.S. Department of Labor, Francis Perkins Building, 200 Constitution Avenue, NW., Washington DC, 20210. Signed at Washington, DC, this 8th day of October, 2008. Bradford P. Campbell, Assistant Secretary, Employee Benefits Security Administration, U.S. Department of Labor. [FR Doc. E8–24338 Filed 10–10–08; 8:45 am] BILLING CODE 4510–29–P NATIONAL ARCHIVES AND RECORDS ADMINISTRATION Advisory Committee on the Electronic Records Archives National Archives and Records Administration. ACTION: Notice of meeting. AGENCY: SUMMARY: In accordance with the Federal Advisory Committee Act, as amended (5 U.S.C. Appendix 2), the National Archives and Records Administration (NARA) announces a meeting of the Advisory Committee on the Electronic Records Archives (ACERA). The committee serves as a deliberative body to advise the Archivist of the United States, on technical, mission, and service issues related to the Electronic Records Archives (ERA). This includes, but is not limited to, advising and making recommendations PO 00000 Frm 00050 Fmt 4703 Sfmt 4703 60721 to the Archivist on issues related to the development, implementation and use of the ERA system. Date of Meeting: November 5–6, 2008. Time of Meeting: 9 a.m.–4 p.m. Place of Meeting: 700 Pennsylvania Avenue, NW., Washington, DC 20408– 0001. This meeting will be open to the public. However, due to space limitations and access procedures, the name and telephone number of individuals planning to attend must be submitted to the Electronic Records Archives Program at era.program@nara.gov. SUPPLEMENTARY INFORMATION: Agenda • • • • • Opening Remarks. Approval of Minutes. Committee Updates. Activities Reports. Adjournment. FOR FURTHER INFORMATION CONTACT: Adrienne Thomas, Deputy Archivist; (301) 837–1600. Dated: October 8, 2008. Patrice Little Murray, Alternate Committee Management Officer. [FR Doc. E8–24341 Filed 10–10–08; 8:45 am] BILLING CODE 7515–01–P NATIONAL ARCHIVES AND RECORDS ADMINISTRATION Records Schedules; Availability and Request for Comments National Archives and Records Administration (NARA). ACTION: Notice of availability of proposed records schedules; request for comments. AGENCY: SUMMARY: The National Archives and Records Administration (NARA) publishes notice at least once monthly of certain Federal agency requests for records disposition authority (records schedules). Once approved by NARA, records schedules provide mandatory instructions on what happens to records when no longer needed for current Government business. They authorize the preservation of records of continuing value in the National Archives of the United States and the destruction, after a specified period, of records lacking administrative, legal, research, or other value. Notice is published for records schedules in which agencies propose to destroy records not previously authorized for disposal or reduce the retention period of records already authorized for disposal. NARA invites public E:\FR\FM\14OCN1.SGM 14OCN1

Agencies

[Federal Register Volume 73, Number 199 (Tuesday, October 14, 2008)]
[Notices]
[Pages 60720-60721]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-24338]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Hearing on Proposed Class Exemption for Investment Advice

AGENCY: Employee Benefits Security Administration, U.S. Department of 
Labor.

ACTION: Notice of hearing.

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

SUMMARY: Notice is hereby given that the Department of Labor will hold 
a hearing on the Department's proposed class exemption from certain 
prohibited transaction restrictions of the Employee Retirement Income 
Security Act of 1974, as amended (ERISA, or the Act), and from certain 
taxes imposed by the Internal Revenue Code of 1986, as amended (Code), 
for the provision of investment advice to participants and 
beneficiaries of self-directed individual account plans and individual 
retirement accounts (IRAs).

DATES: The hearing will be held on October 21, 2008, beginning at 8 
a.m., EST. Persons interested in presenting testimony and answering 
questions at the public hearing must submit requests and certain other 
information (as discussed below), by 3:30 p.m., EST, October 16, 2008.

ADDRESSES: The hearing will be held at the U.S. Department of Labor, 
Room S-3215 A&B, 200 Constitution Avenue, NW., Washington, DC 20210.

FOR FURTHER INFORMATION CONTACT: Fil Williams, Office of Regulations 
and Interpretations, Employee Benefits Security Administration, (202) 
693-8510. This is not a toll-free number.

SUPPLEMENTARY INFORMATION: On August 22, 2008, notice was published in 
the Federal Register (73 FR 49924) that the Department of Labor (the 
Department) has under consideration a proposed class exemption to 
permit the provision of investment advice to participants and 
beneficiaries of self-directed individual account plans, such as 401(k) 
plans, and IRAs. The Department proposed the class exemption on its own 
motion pursuant to section 408(a) of ERISA, and in accordance with the 
procedures set forth in 29 CFR Part 2570, subpart B (55 FR 32836, 
August 10, 1990).
    Specifically, upon adoption, the proposed exemption would provide 
relief from the restrictions of section 406(a) and 406(b) of the Act, 
and from the taxes imposed by section 4975(a) and (b) of the Code, by 
reason of section 4975(c)(1) of the Code, for the provision of 
investment advice described in section 3(21)(A)(ii) of ERISA by a 
fiduciary adviser to a participant or beneficiary in an individual 
account plan or IRA (and certain similar plans), the acquisition, 
holding or sale of a security or other property pursuant to the 
investment advice, and the direct or indirect receipt of fees or other 
compensation by the fiduciary adviser (or any employee, agent, 
registered representative or affiliate thereof) in connection with such 
transactions.
    Upon adoption, the class exemption would affect sponsors, 
fiduciaries, participants and beneficiaries of participant-directed 
individual account plans and IRAs, as well as providers of investment 
and investment advice-related services to such plans.
    In the notice of proposed exemption, the Department invited 
interested persons to submit written comments on or before October 6, 
2008. To date, the Department has received approximately 39 written 
comments concerning the proposed class exemption, many of which were 
from major industry groups. All written comments are available to the 
public, without charge, online at http://www.dol.gov/ebsa and at the 
Public Disclosure Room N-1513, Employee Benefits Security 
Administration, U.S. Department of Labor, 200 Constitution Avenue, NW., 
Washington, DC 20210.
    In their written comments, four parties requested that the 
Department hold a public hearing to more fully examine issues raised 
under the proposed class exemption, and

[[Page 60721]]

expressed an interest in testifying. In view of the importance of this 
initiatives and its potential for significantly affecting the provision 
of investment advice to participants and beneficiaries in affected 
plans, and taking into account the concerns of these commenters, the 
Department has decided to hold a public hearing. The primary purpose of 
this hearing is to further develop the public record regarding the 
class exemption and to assist the Department in understanding the 
issues and other concerns raised by the written comments. Because 
information contained in previously-submitted written comments is 
already part of the public record, the Department expects that persons 
testifying at the hearing will present information not previously 
addressed in their written comments.
    The hearing will be held on October 21, 2008, beginning at 8 a.m. 
and ending at 5 p.m., EST, in Room S-3215 A&B of the Department of 
Labor, Francis Perkins Building, at 200 Constitution Avenue, NW., 
Washington, DC 20210.
    Persons interested in presenting testimony and answering questions 
at this public hearing must submit, by 3:30 p.m., EST, October 16, 
2008, the following information: (1) A written request to be heard; and 
(2) An outline of the topics to be discussed, indicating the time 
allocated to each topic. To facilitate the receipt and processing of 
responses, EBSA encourages interested persons to submit their requests 
and outlines electronically by e-mail to e-ORI@dol.gov. Persons 
submitting requests and outlines electronically are encouraged not to 
submit paper copies.
    Persons submitting requests and outlines on paper should send or 
deliver their requests and outlines (preferably at least three copies) 
to the Office of Regulations and Interpretations, Employee Benefits 
Security Administration, Attn: Investment Advice Class Exemption 
Hearing, Room N-5655, U.S. Department of Labor, 200 Constitution 
Avenue, NW., Washington, DC 20210. All requests and outlines submitted 
to the Department will be available to the public, without charge, 
online at http://www.dol.gov/ebsa and at the Public Disclosure Room N-
1513, Employee Benefits Security Administration, U.S. Department of 
Labor, 200 Constitution Avenue, NW., Washington, DC 20210.
    The Department will prepare an agenda indicating the order of 
presentation of oral comments and testimony. In the absence of special 
circumstances, each presenter will be allotted ten (10) minutes in 
which to complete his or her presentation.
    Any individuals with disabilities who may need special 
accommodations should notify Fil Williams on or before October 16, 
2008.
    Information about the agenda will be posted on http://www.dol.gov/
ebsa on or after October 16, 2008, or may be obtained by contacting Fil 
Williams, Office of Regulations and Interpretations, Employee Benefits 
Security Administration, U.S. Department of Labor, telephone (202) 693-
8510 (this is not a toll-free number).
    Those individuals who make oral comments and testimonies at the 
hearing should be prepared to answer questions regarding their 
information and/or comments. The hearing will be transcribed.

Notice of Public Hearing

    Notice is hereby given that a public hearing will be held on 
October 21, 2008, concerning the Department's proposed class exemption 
for the provision of investment advice to participants and 
beneficiaries of self-directed individual account plans and IRAs. The 
hearing will be held beginning at 8 a.m. in Room S-3215 A&B of the U.S. 
Department of Labor, Francis Perkins Building, 200 Constitution Avenue, 
NW., Washington DC, 20210.

    Signed at Washington, DC, this 8th day of October, 2008.
Bradford P. Campbell,
Assistant Secretary, Employee Benefits Security Administration, U.S. 
Department of Labor.
[FR Doc. E8-24338 Filed 10-10-08; 8:45 am]
BILLING CODE 4510-29-P