Agency Information Collection Activities; Submission for OMB Review; Comment Request; Plan Asset Transactions Determined by Independent Qualified Professional Asset Managers Under Prohibited Transaction Class Exemption 84-14, 41423-41424 [2013-16552]

Agencies

• DEPARTMENT OF LABOR
• Office of the Secretary

[Federal Register Volume 78, Number 132 (Wednesday, July 10, 2013)]
[Notices]
[Pages 41423-41424]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-16552]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Plan Asset Transactions Determined by 
Independent Qualified Professional Asset Managers Under Prohibited 
Transaction Class Exemption 84-14

ACTION: Notice.

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SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Plan Asset Transactions Determined 
by Independent Qualified Professional Asset Managers under Prohibited 
Transaction Class Exemption 84-14,'' to the Office of Management and 
Budget (OMB) for review and approval for continued use, without change, 
in accordance with the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 
3501 et seq.).

DATES: Submit comments on or before August 9, 2013.

ADDRESSES: A copy of this ICR with applicable supporting documentation; 
including a description of the likely respondents, proposed frequency 
of response, and estimated total burden may be obtained free of charge 
from the RegInfo.gov Web site at https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=1210-0128 (this link will only become active on the 
day following publication of this notice) or by contacting Michel Smyth 
by telephone at 202-693-4129 (this is not a toll-free number) or 
sending an email to DOL_PRA_PUBLIC@dol.gov.
    Submit comments about this request to the Office of Information and 
Regulatory Affairs, Attn: OMB Desk Officer for DOL-EBSA, Office of 
Management and Budget, Room 10235, 725 17th Street NW., Washington, DC 
20503, Fax: 202-395-6881 (this is not a toll-free number), email: 
OIRA_submission@omb.eop.gov.

FOR FURTHER INFORMATION CONTACT: Michel Smyth by telephone at 202-693-
4129 (this is not a toll-free number) or by email at DOL_PRA_PUBLIC@dol.gov.

    Authority: 44 U.S.C. 3507(a)(1)(D).

SUPPLEMENTARY INFORMATION: Prohibited Transaction Class Exemption 84-14 
permits a party that is related to an employee benefit plan to engage 
in transactions involving plan assets if, among other conditions, the 
assets are managed by a qualified professional asset manager (QPAM) 
that is independent of the parties in interest. Additional relief is 
also available under specific circumstances that are fully addressed 
within the exemption. The information collection requirements that are 
conditions of the exemption include written policies and procedures by 
a QPAM and audit requirements. An independent auditor uses the written 
policies and procedures to determine whether the QPAM is in compliance 
with the written policies and procedures and whether the exemption 
conditions have been met. These information collections are designed to 
safeguard participants and beneficiaries in plans that are involved in 
transactions covered by the exemption. The exemption does not require 
any reporting or filing with the Federal government. For additional 
substantive information about this ICR, see the related notice 
published in the Federal Register on November 27, 2012 (77 FR 70828).
    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

[[Page 41424]]

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 1210-
0128.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal, and the current approval for this collection is 
scheduled to expire on July 31, 2013. The DOL seeks to extend PRA 
authorization for this information collection for three (3) more years, 
without any change to existing requirements. It should also be noted 
that existing information collection requirements submitted to the OMB 
receive a month-to-month extension while they undergo review.
    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 1210-0128. 
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 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-EBSA.
    Title of Collection: Plan Asset Transactions Determined by 
Independent Qualified Professional Asset Managers under Prohibited 
Transaction Class Exemption 84-14.
    OMB Control Number: 1210-0128.
    Affected Public: Private Sector--businesses or other for-profits.
    Total Estimated Number of Respondents: 5,100.
    Total Estimated Number of Responses: 5,151.
    Total Estimated Annual Burden Hours: 122,438.
    Total Estimated Annual Other Costs Burden: $51,000,000.

    Dated: July 2, 2013.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2013-16552 Filed 7-9-13; 8:45 am]
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