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

Download as PDF Federal Register / Vol. 74, No. 250 / Thursday, December 31, 2009 / Notices Estimated Total Annual Hour Burden: 417 hours. Estimated Total Annual Cost Burden: $0. 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 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. Comments submitted in response to this notice will be summarized and/or included in the ICR submitted for OMB approval. They will also become a matter of public record. Dated: December 24, 2009. Joseph A. Piacentini, Director, Office of Policy and Research, Employee Benefits Security Administration. [FR Doc. E9–30998 Filed 12–30–09; 8:45 am] BILLING CODE 4510–29–P DEPARTMENT OF LABOR Employee Benefits Security Administration Proposed Extension of Information Collection; Comment Request; Final Rule on Statutory Exemption for Cross-Trading of Securities erowe on DSK5CLS3C1PROD with NOTICES 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 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 VerDate Nov<24>2008 15:06 Dec 30, 2009 Jkt 220001 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 http://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 crosstrading 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 crosstrading 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 PO 00000 Frm 00042 Fmt 4703 Sfmt 4703 69365 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 forprofit; 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. E:\FR\FM\31DEN1.SGM 31DEN1 69366 Federal Register / Vol. 74, No. 250 / Thursday, December 31, 2009 / Notices 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] 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 erowe on DSK5CLS3C1PROD with NOTICES 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 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 March 1, 2010. 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 VerDate Nov<24>2008 15:06 Dec 30, 2009 Jkt 220001 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. II. Current Actions BILLING CODE 4510–29–P (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 31, 2010. Dated: December 24, 2009. Joseph A. Piacentini, Director, Office of Policy and Research, Employee Benefits Security Administration. [FR Doc. E9–31001 Filed 12–30–09; 8:45 am] 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 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, PO 00000 Frm 00043 Fmt 4703 Sfmt 4703 BILLING CODE 4510–29–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 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 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 E:\FR\FM\31DEN1.SGM 31DEN1

Agencies

[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.

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

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 http://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