Proposed Amendment to the Information Collection Requirements of Prohibited Transaction Exemption 77-4 for Certain Transactions Between Investment Companies and Employee Benefit Plans, 10638-10639 [2013-03398]
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sroberts on DSK5SPTVN1PROD with NOTICES
10638
Federal Register / Vol. 78, No. 31 / Thursday, February 14, 2013 / Notices
availability of mine rescue teams,
alternate mine rescue capability for
small and remote mines and mines with
special mining conditions, inspection
and maintenance records of mine rescue
equipment and apparatus, physical
requirements for team members and
alternates, and experience and training
requirements for team members and
alternates. Mine operators, miners, and
the MSHA use this information to
formulate an appropriate rescue
capability within the guidelines set
forth in these standards.
This information collection is subject
to the PRA. A Federal agency generally
cannot conduct or sponsor a collection
of information, and the public is
generally not required to respond to an
information collection, unless it is
approved by the OMB under the PRA
and displays a currently valid OMB
Control Number. In addition,
notwithstanding any other provisions of
law, no person shall generally be subject
to penalty for failing to comply with a
collection of information that does not
display a valid Control Number. See 5
CFR 1320.5(a) and 1320.6. The DOL
obtains OMB approval for this
information collection under Control
Number 1219–0078. The current
approval is scheduled to expire on
February 28, 2013; however, it should
be noted that existing information
collection requirements submitted to the
OMB receive a month-to-month
extension while they undergo review.
For additional information, see the
related notice published in the Federal
Register on October 19, 2012 (77 FR
64360).
Interested parties are encouraged to
send comments to the OMB, Office of
Information and Regulatory Affairs at
the address shown in the ADDRESSES
section within 30 days of publication of
this notice in the Federal Register. In
order to help ensure appropriate
consideration, comments should
mention OMB Control Number 1219–
0078. The OMB 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
VerDate Mar<15>2010
17:16 Feb 13, 2013
Jkt 229001
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.
Agency: DOL–MSHA.
Title of Collection: Mine Rescue
Teams, Arrangements for Emergency
Medical Assistance, and Arrangements
for Transportation for Injured Persons.
OMB Control Number: 1219–0078.
Affected Public: Private Sector—
businesses or other for-profits.
Total Estimated Number of
Respondents: 254.
Total Estimated Number of
Responses: 20,043.
Total Estimated Annual Burden
Hours: 10,111.
Total Estimated Annual Other Costs
Burden: $309,067.
Dated: February 8, 2013.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2013–03404 Filed 2–13–13; 8:45 am]
BILLING CODE 4510–43–P
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
Proposed Amendment to the
Information Collection Requirements
of Prohibited Transaction Exemption
77–4 for Certain Transactions Between
Investment Companies and Employee
Benefit Plans
Employee Benefits Security
Administration, Department of Labor.
ACTION: Notice.
AGENCY:
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 public’s reporting burden. It also
helps the public understand the
Department’s information collection
requirements and provide the requested
data in the desired format. The
Employee Benefits Security
Administration (EBSA) is soliciting
comments on the proposed amendment
to the information collection request
(ICR) contained in Prohibited
Transaction Exemption 77–4 that is
described below. A copy of the ICR may
be obtained by contacting the office
SUMMARY:
PO 00000
Frm 00047
Fmt 4703
Sfmt 4703
listed in the ADDRESSES section of this
notice. ICRs also are available at
reginfo.gov (https://www.reginfo.gov/
public/do/PRAMain).
DATES: Written comments must be
submitted to the office shown in the
ADDRESSES section on or before April
15, 2013.
ADDRESSES: G. Christopher Cosby,
Department of Labor, Employee Benefits
Security Administration, 200
Constitution Avenue NW., Room N–
5711, Washington, DC 20210, (202) 693–
8410, FAX (202) 693–4745 (these are not
toll-free numbers).
SUPPLEMENTARY INFORMATION:
I. Background
Prohibited Transaction Exemption
(PTE) 77–4 provides relief from the
restrictions of section 406 of the
Employee Retirement Income Security
Act of 1974, as amended (ERISA) and
from the sanctions resulting from the
application of section 4975 of the
Internal Revenue Code of 1986, as
amended (the Code), for an employee
benefit plan’s purchase or sale of shares
of an open-end investment company
registered under the Investment
Company Act of 1940 (mutual fund)
when an investment advisor for the
mutual fund or its affiliate is: (1) A plan
fiduciary; and (2) not an employer of
employees covered by the plan.
Section II(d) of PTE 77–4 contains
certain conditions for the exemptive
relief and provides, in pertinent part,
that:
A second fiduciary with respect to the
plan, who is independent of and unrelated to
the fiduciary/investment adviser or any
affiliate thereof, receives a current prospectus
issued by the investment company, and full
and detailed written disclosure of the
investment advisory and other fees charged
to or paid by the plan and the investment
company, including the nature and extent of
any differential between the rates of such
fees, the reasons why the fiduciary/
investment adviser may consider such
purchases to be appropriate for the plan, and
whether there are any limitations on the
fiduciary/investment adviser with respect to
which plan assets may be invested in shares
of the investment company and, if so, the
nature of such limitations.
The conditions impose ICRs that are
subject to the PRA. This notice requests
public comment on the Department’s
proposed revision to the ICRs that
would provide that delivery of a
‘‘summary prospectus’’ may be used to
satisfy the condition in section II(d) of
PTE 77–4 requiring the delivery of a
mutual fund’s prospectus to the second
fiduciary if the summary prospectus
meets the requirements of the Securities
and Exchange Commission’s (SEC)
E:\FR\FM\14FEN1.SGM
14FEN1
Federal Register / Vol. 78, No. 31 / Thursday, February 14, 2013 / Notices
revised disclosure provisions for mutual
funds including a summary prospectus
rule that were published in 2009.1
Pursuant to the SEC’s revised disclosure
provisions, mutual funds also are
required to send the full prospectus to
the investor upon an investor’s request 2
and to provide the full prospectus online at a specified Internet site.3
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 current
burden estimates for the revised ICR
follows:
Agency: Employee Benefits Security
Administration, Department of Labor.
Title: Class Exemption 77–4 for
Certain Transactions Between
Investment Companies and Employee
Benefit Plans.
Type of Review: Amendment to a
currently approved collection of
information.
OMB Number: 1210–0049.
Affected Public: Business or other forprofit; Not-for-profit institutions.
Respondents: 700.
Responses: 363,000.
Estimated Total Burden Hours:
33,600.
Estimated Total Burden Cost
(Operating and Maintenance): $213,000.
II. Focus of Comments
sroberts on DSK5SPTVN1PROD with NOTICES
The Department is particularly
interested in comments that:
• Evaluate whether the collections of
information are 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 collections 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
1 See 74 FR 4546 (January 26, 2009). The final
rule adopted, among other things, parallel
amendments to SEC Form N–1A (the registration
form for mutual funds) and to Rule 498 (which
includes the content requirements for a summary
prospectus).
2 17 CFR 230.498(f).
3 17 CFR 230.498.
VerDate Mar<15>2010
17:16 Feb 13, 2013
Jkt 229001
included in the ICRs for OMB approval
of the extension of the information
collection; they will also become a
matter of public record.
Dated: February 8, 2013.
Joseph S. Piacentini,
Director, Office of Policy and Research,
Employee Benefits Security Administration.
[FR Doc. 2013–03398 Filed 2–13–13; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
[Application Number D–11657]
ZRIN EBSA–2012–0015
Proposed Amendment to Prohibited
Transaction Exemption 2006–06 (PTE
2006–06) for Services Provided in
Connection with the Termination of
Abandoned Individual Account Plans
Employee Benefits Security
Administration, U.S. Department of
Labor.
ACTION: Notice of Extension of Comment
Period for Proposed Amendment to PTE
2006–06.
AGENCY:
The Department of Labor (the
Department) is extending the comment
period for a proposed amendment to
PTE 2006–06, a prohibited transaction
class exemption issued under the
Employee Retirement Income Security
Act of 1974 (ERISA). PTE 2006–06
provides an exemption for certain
transactions entered into on behalf of
individual account pension plans that
have been abandoned by their sponsors.
DATES: Written comments and requests
for a public hearing must be received by
the Department on or before March 18,
2013.
ADDRESSES: All written comments and
requests for a public hearing concerning
the proposed amendment should be sent
to the Office of Exemption
Determinations, Employee Benefits
Security Administration, Room N–5700,
U.S. Department of Labor, 200
Constitution Avenue NW., Washington,
DC 20210, Attention: PTE 2006–06
Amendment. Comments may be
submitted electronically by using the
Federal eRulemaking portal at
www.regulations.gov (follow
instructions for submission of
comments). Interested persons are also
invited to submit comments and hearing
requests to EBSA via email to:
moffitt.betty@dol.gov or by fax to 202–
219–0204 by the end of the scheduled
comment period. The comments
received will be available for public
SUMMARY:
PO 00000
Frm 00048
Fmt 4703
Sfmt 4703
10639
inspection in the Public Disclosure
Room of the Employee Benefits Security
Administration, U.S. Department of
Labor, Room N–1513, 200 Constitution
Avenue NW., Washington, DC 20210.
Comments and hearing requests will
also be available online at
www.regulations.gov and www.dol.gov/
ebsa, at no charge.
All comments will be made available
to the public. Warning: Do not include
any personally identifiable information
(such as name, address, or other contact
information), or confidential business
information, that you do not want
publicly disclosed. All comments may
be posted on the Internet and can be
retrieved by most Internet search
engines.
FOR FURTHER INFORMATION CONTACT:
Chris Motta, Office of Exemption
Determinations, Employee Benefits
Security Administration, U.S.
Department of Labor, (202) 693–8540
(this is not a toll-free number).
SUPPLEMENTARY INFORMATION: On
December 12, 2012, the Department
published a notice of the pendency
before the Department of a proposed
amendment to PTE 2006–06. The
amendment to PTE 2006–06 was
proposed in connection with the
Department’s proposed amendment of
regulations relating to the Termination
of Abandoned Individual Account
Plans, the Safe Harbor for Distributions
from Terminated Individual Account
Plans, and the Special Terminal Report
for Abandoned Plans. PTE 2006–06
provides an exemption from the
restrictions of ERISA section
406(a)(1)(A) through (D), ERISA section
406(b)(1) and (b)(2) and from the taxes
imposed by section 4975(a) and (b) of
the Internal Revenue Code of 1986 (the
Code), by reason of Code section
4975(c)(1)(A) through (E).
The proposed amendment to PTE
2006–06 would expand the definition of
a qualified termination administrator (a
QTA) to include bankruptcy trustees
and certain persons designated by such
trustees to act as QTAs. The Department
is proposing the amendment because it
has determined that, in certain
instances, it may be appropriate for a
bankruptcy trustee to provide
termination services to a plan.
The comment period was scheduled
to close on February 11, 2013. Notice of
the right to comment was provided in
the Federal Register on December 12,
2012. However, due to administrative
error, a copy of the proposed
amendment to PTE 2006–06 was not
posted to www.regulations.gov until
January 22, 2013. Accordingly, the
Department is extending the comment
E:\FR\FM\14FEN1.SGM
14FEN1
]]>Agencies
[Federal Register Volume 78, Number 31 (Thursday, February 14, 2013)]
[Notices]
[Pages 10638-10639]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-03398]
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Amendment to the Information Collection Requirements of
Prohibited Transaction Exemption 77-4 for Certain Transactions Between
Investment Companies and Employee Benefit Plans
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 public's reporting burden. It also helps
the public understand the Department's information collection
requirements and provide the requested data in the desired format. The
Employee Benefits Security Administration (EBSA) is soliciting comments
on the proposed amendment to the information collection request (ICR)
contained in Prohibited Transaction Exemption 77-4 that is described
below. A copy of the ICR may be obtained by contacting the office
listed in the ADDRESSES section of this notice. ICRs also are available
at reginfo.gov (https://www.reginfo.gov/public/do/PRAMain).
DATES: Written comments must be submitted to the office shown in the
Addresses section on or before April 15, 2013.
ADDRESSES: G. Christopher Cosby, Department of Labor, Employee Benefits
Security Administration, 200 Constitution Avenue NW., Room N-5711,
Washington, DC 20210, (202) 693-8410, FAX (202) 693-4745 (these are not
toll-free numbers).
SUPPLEMENTARY INFORMATION:
I. Background
Prohibited Transaction Exemption (PTE) 77-4 provides relief from
the restrictions of section 406 of the Employee Retirement Income
Security Act of 1974, as amended (ERISA) and from the sanctions
resulting from the application of section 4975 of the Internal Revenue
Code of 1986, as amended (the Code), for an employee benefit plan's
purchase or sale of shares of an open-end investment company registered
under the Investment Company Act of 1940 (mutual fund) when an
investment advisor for the mutual fund or its affiliate is: (1) A plan
fiduciary; and (2) not an employer of employees covered by the plan.
Section II(d) of PTE 77-4 contains certain conditions for the
exemptive relief and provides, in pertinent part, that:
A second fiduciary with respect to the plan, who is independent
of and unrelated to the fiduciary/investment adviser or any
affiliate thereof, receives a current prospectus issued by the
investment company, and full and detailed written disclosure of the
investment advisory and other fees charged to or paid by the plan
and the investment company, including the nature and extent of any
differential between the rates of such fees, the reasons why the
fiduciary/investment adviser may consider such purchases to be
appropriate for the plan, and whether there are any limitations on
the fiduciary/investment adviser with respect to which plan assets
may be invested in shares of the investment company and, if so, the
nature of such limitations.
The conditions impose ICRs that are subject to the PRA. This notice
requests public comment on the Department's proposed revision to the
ICRs that would provide that delivery of a ``summary prospectus'' may
be used to satisfy the condition in section II(d) of PTE 77-4 requiring
the delivery of a mutual fund's prospectus to the second fiduciary if
the summary prospectus meets the requirements of the Securities and
Exchange Commission's (SEC)
[[Page 10639]]
revised disclosure provisions for mutual funds including a summary
prospectus rule that were published in 2009.\1\ Pursuant to the SEC's
revised disclosure provisions, mutual funds also are required to send
the full prospectus to the investor upon an investor's request \2\ and
to provide the full prospectus on-line at a specified Internet site.\3\
---------------------------------------------------------------------------
\1\ See 74 FR 4546 (January 26, 2009). The final rule adopted,
among other things, parallel amendments to SEC Form N-1A (the
registration form for mutual funds) and to Rule 498 (which includes
the content requirements for a summary prospectus).
\2\ 17 CFR 230.498(f).
\3\ 17 CFR 230.498.
---------------------------------------------------------------------------
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 current burden estimates for the
revised ICR follows:
Agency: Employee Benefits Security Administration, Department of
Labor.
Title: Class Exemption 77-4 for Certain Transactions Between
Investment Companies and Employee Benefit Plans.
Type of Review: Amendment to a currently approved collection of
information.
OMB Number: 1210-0049.
Affected Public: Business or other for-profit; Not-for-profit
institutions.
Respondents: 700.
Responses: 363,000.
Estimated Total Burden Hours: 33,600.
Estimated Total Burden Cost (Operating and Maintenance): $213,000.
II. Focus of Comments
The Department is particularly interested in comments that:
Evaluate whether the collections of information are
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
collections 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 ICRs for OMB approval of the extension of the
information collection; they will also become a matter of public
record.
Dated: February 8, 2013.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security
Administration.
[FR Doc. 2013-03398 Filed 2-13-13; 8:45 am]
BILLING CODE 4510-29-P
