Agency Information Collection Activities; Submission for OMB Review; Comment Request; Statutory Exemption for Cross-Trading of Securities, 48848-48849 [2016-17555]
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48848
Federal Register / Vol. 81, No. 143 / Tuesday, July 26, 2016 / Notices
Dated: July 21, 2016.
Jerri Murray,
Department Clearance Officer for PRA, U.S.
Department of Justice.
[FR Doc. 2016–17616 Filed 7–25–16; 8:45 am]
BILLING CODE 4410–FY–P
200 Constitution Avenue, NW.,
Washington, DC 20210; or by email:
DOL_PRA_PUBLIC@dol.gov.
FOR FURTHER INFORMATION CONTACT:
Michel Smyth by telephone at 202–693–
4129, TTY 202–693–8064, (these are not
toll-free numbers) or by email at DOL_
PRA_PUBLIC@dol.gov.
DEPARTMENT OF LABOR
Authority: 44 U.S.C. 3507(a)(1)(D).
Office of the Secretary
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Statutory
Exemption for Cross-Trading of
Securities
ACTION:
Notice.
The Department of Labor
(DOL) is submitting the Employee
Benefits Security Administration
(EBSA) sponsored information
collection request (ICR) titled,
‘‘Statutory Exemption for Cross-Trading
of Securities,’’ to the Office of
Management and Budget (OMB) for
review and approval for continued use,
without change, in accordance with the
Paperwork Reduction Act of 1995
(PRA), 44 U.S.C. 3501 et seq. Public
comments on the ICR are invited.
DATES: The OMB will consider all
written comments that agency receives
on or before August 25, 2016.
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=201605–1210–005
(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, TTY 202–
693–8064, (these are not toll-free
numbers) or by email at DOL_PRA_
PUBLIC@dol.gov.
Submit comments about this request
by mail or courier 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; by Fax: 202–
395–5806 (this is not a toll-free
number); or by email: OIRA_
submission@omb.eop.gov. Commenters
are encouraged, but not required, to
send a courtesy copy of any comments
by mail or courier to the U.S.
Department of Labor-OASAM, Office of
the Chief Information Officer, Attn:
Departmental Information Compliance
Management Program, Room N1301,
srobinson on DSK5SPTVN1PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
20:28 Jul 25, 2016
This ICR
seeks to extend PRA authority for the
Statutory Exemption for Cross-Trading
of Securities information collection
requirements codified in regulations 29
CFR 2550.408b–19 that implements the
content requirements for written crosstrading policies and procedures
required under Employee Retirement
Income Security Act of 1974 (ERISA)
section 408(b)(19)(H). ERISA section
408(b)(19) exempts 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 from ERISA
sections 406(a)(1)(A) and 406(b)(2)
prohibitions, provided that certain
conditions are satisfied.
Regulations 29 CFR 2550.408b–19
provides that policies and procedures
for cross-trading under the statutory
exemption must: (1) be written in a
manner calculated to be understood by
the plan fiduciary authorizing crosstrading, (2) be sufficiently detailed to
facilitate a periodic review of all crosstrades by a compliance officer
designated by the investment manager
and a determination by the compliance
officer that the cross-trades comply with
the investment manager’s written crosstrading policies and procedures, and (3)
include, at a minimum: (A) a statement
of general policy describing the criteria
that will be applied by the investment
manager in determining whether
execution of a securities transaction as
a cross-trade will be beneficial to both
parties to the transaction; (B) a
description of how the investment
manager will determine the price at
which the securities are cross-traded, in
a manner that is consistent with 17 CFR
270.17a–7(b) and Securities and
Exchange Commission interpretations
thereunder, including the identity of
sources used to establish the price; (C)
a description of how the investment
manager’s policies and procedures will
mitigate any potentially conflicting
division of loyalties and responsibilities
to the parties involved in any crosstrade transaction; (D) a requirement that
the investment manager allocate crosstrades among accounts participating in
the cross-trading program in an
objective and equitable manner and a
SUPPLEMENTARY INFORMATION:
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Sfmt 4703
description of the policies and
procedures that will be used; (E) the
identity of the compliance officer
responsible for reviewing the
investment manager’s compliance with
ERISA section 408(b)(19) and its written
cross-trading policies and procedures
and the compliance officer’s
qualifications for this position; (F) the
steps to be performed by the compliance
officer during its periodic review of the
investment manager’s purchases and
sales of securities to ensure compliance
with the written cross-trading policies
and procedures; and (G) a description of
the procedures by which the
compliance officer will determine
whether the requirements of section
408(b)(19) are met. Pension Protection
Act section 611(g) authorizes this
information collection. See Public Law
109–280 section 611(g)(3).
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 1210–0130.
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, 2016. The DOL seeks to extend
PRA authorization for this information
collection for three (3) more years,
without any change to existing
requirements. The DOL notes that
existing information collection
requirements submitted to the OMB
receive a month-to-month extension
while they undergo review. For
additional substantive information
about this ICR, see the related notice
published in the Federal Register on
November 23, 2015 (80 FR 72990).
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 thirty (30) days of
publication of this notice in the Federal
Register. In order to help ensure
appropriate consideration, comments
should mention OMB Control Number
1210–0130. The OMB is particularly
interested in comments that:
E:\FR\FM\26JYN1.SGM
26JYN1
Federal Register / Vol. 81, No. 143 / Tuesday, July 26, 2016 / Notices
• 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: Statutory
Exemption for Cross-Trading of
Securities.
OMB Control Number: 1210–0130.
Affected Public: Private Sector—
businesses or other for-profits and notfor-profit institutions.
Total Estimated Number of
Respondents: 319.
Total Estimated Number of
Responses: 2,870.
Total Estimated Annual Time Burden:
3,333 hours.
Total Estimated Annual Other Costs
Burden: $14,000.
Dated: July 18, 2016.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2016–17555 Filed 7–25–16; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Bureau of Labor Statistics
Proposed Collection, Comment
Request
ACTION:
Notice.
The Department of Labor, as
part of its continuing effort to reduce
paperwork and respondent burden,
conducts a pre-clearance consultation
program to provide the general public
and Federal agencies with an
opportunity to comment on proposed
and/or continuing collections of
information in accordance with the
Paperwork Reduction Act of 1995
(PRA95) [44 U.S.C. 3506(c) (2)(A)]. This
program helps to ensure that requested
data can be provided in the desired
format, reporting burden (time and
srobinson on DSK5SPTVN1PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
20:28 Jul 25, 2016
Jkt 238001
financial resources) is minimized,
collection instruments are clearly
understood, and the impact of collection
requirements on respondents can be
properly assessed. The Bureau of Labor
Statistics (BLS) is soliciting comments
concerning the proposed extension of
the ‘‘American Time Use Survey.’’ A
copy of the proposed information
collection request (ICR) can be obtained
by contacting the individual listed
below in the Addresses section of this
notice.
DATES: Written comments must be
submitted to the office listed in the
Addresses section of this notice on or
before September 26, 2016.
ADDRESSES: Send comments to Erin
Good, BLS Clearance Officer, Division
of Management Systems, Bureau of
Labor Statistics, Room 4080, 2
Massachusetts Avenue NE.,
Washington, DC 20212. Written
comments also may be transmitted by
fax to 202–691–5111 (this is not a toll
free number).
FOR FURTHER INFORMATION CONTACT: Erin
Good, BLS Clearance Officer, at 202–
691–7763 (this is not a toll free number).
(See ADDRESSES section.)
SUPPLEMENTARY INFORMATION:
I. Background
The ATUS is the Nation’s first
federally administered, continuous
survey on time use in the United States.
It measures, for example, time spent
with children, working, sleeping, or
doing leisure activities. In the United
States, several existing Federal surveys
collect income and wage data for
individuals and families, and analysts
often use such measures of material
prosperity as proxies for quality of life.
Time-use data substantially augment
these quality-of-life measures. The data
also can be used in conjunction with
wage data to evaluate the contribution
of non-market work to national
economies. This enables comparisons of
production between nations that have
different mixes of market and nonmarket activities.
The ATUS develops nationally
representative estimates of how people
spend their time. Respondents also
report who was with them during
activities, where they were, how long
each activity lasted, and if they were
paid. All of this information has
numerous practical applications for
sociologists, economists, educators,
government policymakers,
businesspersons, health researchers, and
others, answering the following
questions:
• Do the ways people use their time
vary across demographic and labor force
PO 00000
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Fmt 4703
Sfmt 4703
48849
characteristics, such as age, sex, race,
ethnicity, employment status, earnings,
and education?
• How much time do parents spend
in the company of their children, either
actively providing care or being with
them while socializing, relaxing, or
doing other things?
• How are earnings related to leisure
time—do those with higher earnings
spend more or less time relaxing and
socializing?
• How much time do people spend
working at their workplaces and in their
homes?
The ATUS data are collected on an
ongoing, monthly basis, allowing
analysts to identify changes in how
people spend their time.
II. Current Action
Office of Management and Budget
clearance is being sought for the
American Time Use Survey.
This survey collects information on
how individuals in the United States
use their time. Collection is done on a
continuous basis with the sample drawn
monthly. The survey sample is drawn
from households completing their 8th
month of interviews for the Current
Population Survey (CPS). Households
are selected to ensure a nationallyrepresentative demographic sample, and
one individual from each household is
selected to take part in one Computer
Assisted Telephone Interview.
Interviewers ask respondents to report
all of their activities for one preassigned 24-hour day, the day prior to
the interview. A short series of summary
questions and CPS updates follows the
core time diary collection. After each
full year of collection, annual national
estimates of time use for an average day,
weekday, and weekend day are
available.
Because the ATUS sample is a subset
of households completing interviews for
the CPS, the same demographic
information collected from that survey
is available for ATUS respondents.
Comparisons of activity patterns across
characteristics such as sex, race, age,
disability status, and education of the
respondent, as well as the presence of
children and the number of adults living
in the respondent’s household, are
possible.
III. Desired Focus of Comments
The Bureau of Labor Statistics 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
E:\FR\FM\26JYN1.SGM
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]]>Agencies
[Federal Register Volume 81, Number 143 (Tuesday, July 26, 2016)]
[Notices]
[Pages 48848-48849]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-17555]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Office of the Secretary
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Statutory Exemption for Cross-Trading of
Securities
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Department of Labor (DOL) is submitting the Employee
Benefits Security Administration (EBSA) sponsored information
collection request (ICR) titled, ``Statutory Exemption for Cross-
Trading of Securities,'' to the Office of Management and Budget (OMB)
for review and approval for continued use, without change, in
accordance with the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C.
3501 et seq. Public comments on the ICR are invited.
DATES: The OMB will consider all written comments that agency receives
on or before August 25, 2016.
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=201605-1210-005 (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, TTY 202-693-8064, (these are
not toll-free numbers) or by email at DOL_PRA_PUBLIC@dol.gov.
Submit comments about this request by mail or courier 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; by Fax: 202-395-5806 (this is not a toll-
free number); or by email: OIRA_submission@omb.eop.gov. Commenters are
encouraged, but not required, to send a courtesy copy of any comments
by mail or courier to the U.S. Department of Labor-OASAM, Office of the
Chief Information Officer, Attn: Departmental Information Compliance
Management Program, Room N1301, 200 Constitution Avenue, NW.,
Washington, DC 20210; or by email: DOL_PRA_PUBLIC@dol.gov.
FOR FURTHER INFORMATION CONTACT: Michel Smyth by telephone at 202-693-
4129, TTY 202-693-8064, (these are not toll-free numbers) or by email
at DOL_PRA_PUBLIC@dol.gov.
Authority: 44 U.S.C. 3507(a)(1)(D).
SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for
the Statutory Exemption for Cross-Trading of Securities information
collection requirements codified in regulations 29 CFR 2550.408b-19
that implements the content requirements for written cross-trading
policies and procedures required under Employee Retirement Income
Security Act of 1974 (ERISA) section 408(b)(19)(H). ERISA section
408(b)(19) exempts 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 from
ERISA sections 406(a)(1)(A) and 406(b)(2) prohibitions, provided that
certain conditions are satisfied.
Regulations 29 CFR 2550.408b-19 provides that policies and
procedures for cross-trading under the statutory exemption must: (1) be
written in a manner calculated to be understood by the plan fiduciary
authorizing cross-trading, (2) be sufficiently detailed to facilitate a
periodic review of all cross-trades by a compliance officer designated
by the investment manager and a determination by the compliance officer
that the cross-trades comply with the investment manager's written
cross-trading policies and procedures, and (3) include, at a minimum:
(A) a statement of general policy describing the criteria that will be
applied by the investment manager in determining whether execution of a
securities transaction as a cross-trade will be beneficial to both
parties to the transaction; (B) a description of how the investment
manager will determine the price at which the securities are cross-
traded, in a manner that is consistent with 17 CFR 270.17a-7(b) and
Securities and Exchange Commission interpretations thereunder,
including the identity of sources used to establish the price; (C) a
description of how the investment manager's policies and procedures
will mitigate any potentially conflicting division of loyalties and
responsibilities to the parties involved in any cross-trade
transaction; (D) a requirement that the investment manager allocate
cross-trades among accounts participating in the cross-trading program
in an objective and equitable manner and a description of the policies
and procedures that will be used; (E) the identity of the compliance
officer responsible for reviewing the investment manager's compliance
with ERISA section 408(b)(19) and its written cross-trading policies
and procedures and the compliance officer's qualifications for this
position; (F) the steps to be performed by the compliance officer
during its periodic review of the investment manager's purchases and
sales of securities to ensure compliance with the written cross-trading
policies and procedures; and (G) a description of the procedures by
which the compliance officer will determine whether the requirements of
section 408(b)(19) are met. Pension Protection Act section 611(g)
authorizes this information collection. See Public Law 109-280 section
611(g)(3).
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 1210-0130.
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, 2016. The DOL seeks to extend PRA
authorization for this information collection for three (3) more years,
without any change to existing requirements. The DOL notes that
existing information collection requirements submitted to the OMB
receive a month-to-month extension while they undergo review. For
additional substantive information about this ICR, see the related
notice published in the Federal Register on November 23, 2015 (80 FR
72990).
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 thirty (30) days of publication of this
notice in the Federal Register. In order to help ensure appropriate
consideration, comments should mention OMB Control Number 1210-0130.
The OMB is particularly interested in comments that:
[[Page 48849]]
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: Statutory Exemption for Cross-Trading of
Securities.
OMB Control Number: 1210-0130.
Affected Public: Private Sector--businesses or other for-profits
and not-for-profit institutions.
Total Estimated Number of Respondents: 319.
Total Estimated Number of Responses: 2,870.
Total Estimated Annual Time Burden: 3,333 hours.
Total Estimated Annual Other Costs Burden: $14,000.
Dated: July 18, 2016.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2016-17555 Filed 7-25-16; 8:45 am]
BILLING CODE 4510-29-P
