Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption for Certain Transactions Between Investment Companies and Employee Benefit Plans (PTE 1977-4), 71980-71981 [2019-28045]

Download as PDF 71980 Federal Register / Vol. 84, No. 249 / Monday, December 30, 2019 / Notices 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 Exemption 1984–14. OMB Control Number: 1210–0128. Affected Public: Private Sector: Businesses or other for-profits. Total Estimated Number of Respondents: 4,031. Total Estimated Number of Responses: 4,071. Total Estimated Annual Time Burden: 96,774 hours. Total Estimated Annual Other Costs Burden: $40,311,395. Authority: 44 U.S.C. 3507(a)(1)(D). Dated: December 20, 2019. Frederick Licari, Departmental Clearance Officer. [FR Doc. 2019–28049 Filed 12–27–19; 8:45 am] BILLING CODE 4510–29–P DEPARTMENT OF LABOR Office of the Secretary Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption for Certain Transactions Between Investment Companies and Employee Benefit Plans (PTE 1977–4) Notice of availability; request for comments. ACTION: The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ‘‘Prohibited Transaction Class Exemption for Certain Transactions Between Investment Companies and Employee Benefit Plans (PTE 1977–4),’’ 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). Public comments on the ICR are invited. DATES: The OMB will consider all written comments that agency receives on or before January 29, 2020. ADDRESSES: A copy of this ICR with applicable supporting documentation; including a description of the likely respondents, proposed frequency of khammond on DSKJM1Z7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 20:00 Dec 27, 2019 Jkt 250001 response, and estimated total burden may be obtained free of charge from the RegInfo.gov website at http:// www.reginfo.gov/public/do/ PRAViewICR?ref_nbr=201909-1210-005 (this link will only become active on the day following publication of this notice) or by contacting Frederick Licari by telephone at 202–693–8073, 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 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: Frederick Licari by telephone at 202– 693–8073, TTY 202–693–8064, (these are not toll-free numbers) or by email at DOL_PRA_PUBLIC@dol.gov. SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for the Prohibited Transaction Class Exemption for Certain Transactions Between Investment Companies and Employee Benefit Plans (PTE 1977–4) information collection. Prohibited Transaction Exemption (PTE) 77–4 provides relief from the restrictions of section 406 of ERISA and from the sanctions resulting from the application of section 4975 of the Code, for an employee benefit plan’s purchase or sale of shares of an openend 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, PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 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. 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) revised disclosure provisions for mutual funds including a summary prospectus rule that were published in 2009. 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 and to provide the full prospectus online at a specified internet site. 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 the OMB under the PRA approves it 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– 0049. 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 December 31, 2019. 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 March 27, 2019 (84 FR 11573). 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 E:\FR\FM\30DEN1.SGM 30DEN1 Federal Register / Vol. 84, No. 249 / Monday, December 30, 2019 / Notices appropriate consideration, comments should mention OMB Control Number 1210–0049. 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: Prohibited Transaction Class Exemption for Certain Transactions Between Investment Companies and Employee Benefit Plans (PTE 1977–4). OMB Control Number: 1210–0049. Affected Public: Private Sector: Notfor-profit institutions; Businesses or other for-profits. Total Estimated Number of Respondents: 846. Total Estimated Number of Responses: 279,653. Total Estimated Annual Time Burden: 23,728 hours. Total Estimated Annual Other Costs Burden: $117,954. Authority: 44 U.S.C. 3507(a)(1)(D). Dated: December 20, 2019. Frederick Licari, Departmental Clearance Officer. [FR Doc. 2019–28045 Filed 12–27–19; 8:45 am] BILLING CODE 4510–29–P khammond on DSKJM1Z7X2PROD with NOTICES OFFICE OF MANAGEMENT AND BUDGET Draft 2018–2019–2020 Report to Congress on the Benefits and Costs of Federal Regulations and Agency Compliance With the Unfunded Mandates Reform Act Office of Management and Budget, Executive Office of the President. ACTION: Notice of availability and request for comments. AGENCY: VerDate Sep<11>2014 20:00 Dec 27, 2019 Jkt 250001 The Office of Management and Budget (OMB) requests comments on its Draft 2018–2019–2020 Report to Congress on the Benefits and Costs of Federal Regulations and Agency Compliance with the Unfunded Mandates Reform Act, available at: https://www.whitehouse.gov/omb/ information-regulatory-affairs/reports/. The Draft Report is divided into two parts, the first of which is further divided into three chapters. Part I, Chapter I examines the benefits and costs of major Federal regulations issued in fiscal years 2017, 2018 and 2019. Part I, Chapter II discusses regulatory impacts on State, Local, and tribal governments, small business, wages and employment, and economic growth. Part I, Chapter III offers recommendations for regulatory reform. Part II summarizes agency compliance with the Unfunded Mandates Reform Act. OMB requests that comments be submitted electronically to OMB by February 20, 2020, through www.regulations.gov using Docket ID OMB–2019–0004. DATES: To ensure consideration of comments as OMB prepares this Draft Report for submission to Congress, comments must be in writing and received by February 20, 2020. ADDRESSES: Submit comments by one of the following methods: • www.regulations.gov: Direct comments to Docket ID OMB–2019– 0004. • Fax: (202) 395–7285 • Mail: Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, 9th Floor, 725 17th Street NW, Washington, DC 20503. To ensure that your comments are received, we recommend that comments on this draft report be electronically submitted. All comments submitted in response to this notice will be made available to the public. For this reason, please do not include in your comments information of a confidential nature, such as sensitive personal information or proprietary information. The www.regulations.gov website is an ‘‘anonymous access’’ system, which means OMB will not know your identity or contact information unless you provide it in the body of your comment. FOR FURTHER INFORMATION CONTACT: Italy Martin, Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, 9th Floor, 725 17th Street NW, Washington, DC 20503. Telephone: (202) 395–1046. SUPPLEMENTARY INFORMATION: Congress directed the Office of Management and SUMMARY: PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 71981 Budget to prepare an annual Report to Congress on the Benefits and Costs of Federal Regulations. Specifically, Section 628 of the FY 2000 Treasury and General Government Appropriations Act, also known as the ‘‘Regulatory Right-to-Know Act,’’ requires OMB to submit a report on the benefits and costs of Federal regulations together with recommendations for reform. It states that the report should contain estimates of the costs and benefits of regulations in the aggregate, by agency and agency program, and by major rule, as well as an analysis of impacts of Federal regulation on State, local, and tribal governments, small businesses, wages, and economic growth. The Regulatory Right-to-Know Act also states that the report should be subject to notice and comment and to peer review. Additionally, in accordance the Unfunded Mandates Reform Act of 1995 (UMRA), OMB reports on agency compliance with UMRA Title II, which generally requires that an agency conduct a cost-benefit analysis, and identify and consider a reasonable number of regulatory alternatives, before proposing or finalizing a rule that may result in expenditures of more than $100 million (adjusted for inflation) in at least one year by State, local, and tribal governments, or by the private sector; each agency must also seek input from State, local, and tribal governments. Dominic J. Mancini, Acting Administrator, Office of Information and Regulatory Affairs. [FR Doc. 2019–28060 Filed 12–27–19; 8:45 am] BILLING CODE 3110–01–P NATIONAL SCIENCE FOUNDATION Notice of Permit Applications Received Under the Antarctic Conservation Act of 1978 National Science Foundation. Notice of Permit Applications Received. AGENCY: ACTION: The National Science Foundation (NSF) is required to publish a notice of permit applications received to conduct activities regulated under the Antarctic Conservation Act of 1978. NSF has published regulations under the Antarctic Conservation Act in the Code of Federal Regulations. This is the required notice of permit applications received. DATES: Interested parties are invited to submit written data, comments, or views with respect to this permit application by January 29, 2020. This SUMMARY: E:\FR\FM\30DEN1.SGM 30DEN1

Agencies

[Federal Register Volume 84, Number 249 (Monday, December 30, 2019)]
[Notices]
[Pages 71980-71981]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-28045]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Prohibited Transaction Class Exemption for 
Certain Transactions Between Investment Companies and Employee Benefit 
Plans (PTE 1977-4)

ACTION: Notice of availability; request for comments.

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

SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Prohibited Transaction Class 
Exemption for Certain Transactions Between Investment Companies and 
Employee Benefit Plans (PTE 1977-4),'' 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). Public 
comments on the ICR are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before January 29, 2020.

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 website at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201909-1210-005 (this link will only become active 
on the day following publication of this notice) or by contacting 
Frederick Licari by telephone at 202-693-8073, TTY 202-693-8064, (these 
are not toll-free numbers) or by email at [email protected].
    Submit comments about this request by mail 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: [email protected]. 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: [email protected].

FOR FURTHER INFORMATION CONTACT: Frederick Licari by telephone at 202-
693-8073, TTY 202-693-8064, (these are not toll-free numbers) or by 
email at [email protected].

SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for 
the Prohibited Transaction Class Exemption for Certain Transactions 
Between Investment Companies and Employee Benefit Plans (PTE 1977-4) 
information collection. Prohibited Transaction Exemption (PTE) 77-4 
provides relief from the restrictions of section 406 of ERISA and from 
the sanctions resulting from the application of section 4975 of the 
Code, for an employee benefit plan's purchase or sale of shares of an 
openend 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. 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) revised disclosure provisions for mutual 
funds including a summary prospectus rule that were published in 2009. 
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 and to provide the full prospectus on-line at a 
specified internet site.
    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 the OMB under the PRA approves it 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 1210-0049.
    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 December 31, 2019. 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 March 27, 2019 (84 FR 
11573).
    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

[[Page 71981]]

appropriate consideration, comments should mention OMB Control Number 
1210-0049. 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: Prohibited Transaction Class Exemption for 
Certain Transactions Between Investment Companies and Employee Benefit 
Plans (PTE 1977-4).
    OMB Control Number: 1210-0049.
    Affected Public: Private Sector: Not-for-profit institutions; 
Businesses or other for-profits.
    Total Estimated Number of Respondents: 846.
    Total Estimated Number of Responses: 279,653.
    Total Estimated Annual Time Burden: 23,728 hours.
    Total Estimated Annual Other Costs Burden: $117,954.

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

     Dated: December 20, 2019.
Frederick Licari,
Departmental Clearance Officer.
[FR Doc. 2019-28045 Filed 12-27-19; 8:45 am]
BILLING CODE 4510-29-P