Agency Information Collection Activities; Proposed Collection; Comment Request for Modified Qualified Trust Model Certificates and Model Trust Documents, 63073-63074 [2022-22544]

Agencies

• Office of Government Ethics

[Federal Register Volume 87, Number 200 (Tuesday, October 18, 2022)]
[Notices]
[Pages 63073-63074]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-22544]


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OFFICE OF GOVERNMENT ETHICS


Agency Information Collection Activities; Proposed Collection; 
Comment Request for Modified Qualified Trust Model Certificates and 
Model Trust Documents

AGENCY: Office of Government Ethics (OGE).

ACTION: Notice of request for agency and public comments.

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SUMMARY: After this second round notice and public comment period, the 
U.S. Office of Government Ethics (OGE) intends to submit modified 
versions of the 12 OGE model certificates and model documents for 
qualified trusts to the Office of Management and Budget (OMB) for 
review and approval under the Paperwork Reduction Act of 1995.
    Comments: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Jennifer Matis at the U.S. Office of 
Government Ethics; telephone: 202-482-9216; TTY: 800-877-8339; Email: 
[email protected]. Copies of the model documents as currently approved are 
available on OGE's website, www.oge.gov. Electronic copies of these 
documents may also be obtained, without charge, by contacting Ms. 
Matis.

SUPPLEMENTARY INFORMATION: 
    Title: Executive Branch Qualified Trust Documents.
    OMB Control Number: 3209-0007.
    Type of Information Collection: Revision of a currently approved 
collection.
    Type of Review Request: Regular.
    Respondents: Any current or prospective executive branch officials 
who seek to establish or have established a qualified blind or 
diversified trust under the Ethics in Government Act of 1978 as a means 
to avoid conflicts of interest while in office.
    Estimated Average Annual Number of Respondents: 2.
    Total Estimated Time per Response: 20 minutes to 100 hours (see 
table below for detailed explanation).
    Estimated Average Total Annual Burden: 120 hours.
    Abstract: OGE is the supervising ethics office for the executive 
branch of the Federal Government under the Ethics in Government Act of 
1978 (EIGA). Accordingly, OGE administers the qualified trust program 
for the executive branch. Presidential nominees to executive branch 
positions subject to Senate confirmation and any other executive branch 
officials may seek OGE approval for EIGA-qualified blind or diversified 
trusts as one means to avoid conflicts of interest. The requirements 
for EIGA-qualified blind and diversified trusts are set forth in 
section 102(f) of the Ethics in Government Act, 5 U.S.C. app. Sec.  
102(f), and OGE's implementing financial disclosure regulations at 
subpart D of 5 CFR part 2634.
    In order to ensure that all applicable requirements are met, OGE is 
the sponsoring agency for 12 model certificates and model trust 
documents for qualified blind and diversified trusts. See 5 CFR 
2634.402(e)(3), 2634.402(f)(3), 2634.404(e)-(g), 2634.405(d)(2), 
2634.407(a); 2634.408(b)(1)-(3), 2634.408(d)(4), 2634.409, and 
2634.414. The various model certificates and model trust documents are 
used by settlors, trustees, and other fiduciaries in establishing and 
administering these qualified trusts. OGE plans to submit these model 
certificates and model trust documents (described in detail in the 
table below) to OMB for renewed approval pursuant to the Paperwork 
Reduction Act of 1995, 44 U.S.C. chapter 35.
    The 12 model documents, along with their burden estimates, are as 
follows:

[[Page 63074]]



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            Model qualified trust documents                                 Estimated burden
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(A) Blind Trust Communications (Expedited Procedure     20 minutes per communication.
 for Securing Approval of Proposed Communications).
(B) Model Qualified Blind Trust Provisions............  100 hours per model.
(C) Model Qualified Diversified Trust Provisions......  100 hours per model.
(D) Model Qualified Diversified Trust Provisions (For   100 hours per model.
 Use in the Case of Multiple Fiduciaries).
(E) Model Qualified Blind Trust Provisions (For Use in  100 hours per model.
 the Case of an Irrevocable Pre-Existing Trust).
(F) Hybrid Version of the Model Qualified Diversified   100 hours per model.
 Trust Provisions.
(G) Model Qualified Blind Trust Provisions (For Use in  100 hours per model.
 the Case of Multiple Fiduciaries).
(H) Model Qualified Diversified Trust Provisions (For   100 hours per model.
 Use in the Case of an Irrevocable Pre-Existing Trust).
(I) Model Confidentiality Agreement Provisions (For     2 hours per agreement.
 Use in the Case of a Privately Owned Business).
(J) Model Confidentiality Agreement Provisions (For     2 hours per agreement.
 Use in the Case of Investment Management Activities).
(K) Certificate of Independence.......................  20 minutes per certificate.
(L) Certificate of Compliance.........................  20 minutes per certificate.
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    These estimates are based on the amount of time imposed on 
professional trust administrators or private representatives. OGE notes 
that only one set of the various model trust provisions (items (B) 
through (H)) will be prepared for a single qualified trust, and only 
prior to the establishment of that qualified trust. Likewise, other 
model documents listed above are used in connection with establishing 
the qualified trust (items (I), (J), and (K)). The remaining model 
documents are used after the trust's creation (items (A) and (L)). 
Accordingly, OGE notes that the majority of the time burden for any 
given trust is imposed during the creation of the trust.
    At the present time, there are no active qualified trusts in the 
executive branch. However, OGE anticipates possible limited use of 
these model documents during the forthcoming three-year period. OGE 
estimates that there may be an average of one individual per year who 
initiates a qualified trust using these model documents during calendar 
years 2023 through 2025. OGE has accordingly estimated the average 
annual number of respondents to be two, which represents one respondent 
establishing a qualified trust and one respondent maintaining a 
previously established qualified trust. Based on the above, OGE 
estimates an average annual time burden during the next three years of 
120 hours. Using an estimated rate of $300 per hour for the services of 
a professional trust administrator or private representative, the 
estimated annual cost burden is $36,000.
    Under OMB's implementing regulations for the Paperwork Reduction 
Act, any recordkeeping, reporting, or disclosure requirement contained 
in a rule of general applicability is deemed to involve ten or more 
persons. See 5 CFR 1320.3(c)(4)(i). Therefore, OGE intends to submit, 
after this second round notice and comment period, all 12 qualified 
trust model certificates and model documents described above (all of 
which are included under OMB paperwork control number 3209-0007) for a 
three-year extension of approval.
    OGE is committed to making ethics records publicly available to the 
extent possible. The communications documents and the confidentiality 
agreements (items (A), (I) and (J) on the table above), once completed, 
will not be available to the public because they contain sensitive, 
confidential information. The other completed certificates and 
documents (except for any trust provisions that relate to the 
testamentary disposition of trust assets) are retained and made 
publicly available based upon a proper request under section 105 of the 
EIGA until the periods for retention of all other reports (usually the 
OGE Form 278 Public Financial Disclosure Reports) of the individual 
establishing the trust have lapsed (generally six years after the 
filing of the last report). See 5 U.S.C. app. 105; 5 CFR 
2634.603(g)(2). The information collected with these model trust 
certificates and model trust documents is part of the OGE/GOVT-1 
Governmentwide Privacy Act system of records.
    In seeking an extension of approval, OGE is proposing several 
nonsubstantive changes to the 12 qualified trust certificates and model 
documents.
    First, OGE proposes updating the dates in Document A (Blind Trust 
Communications) to make them more contemporary.
    Second, OGE proposes replacing ``OGE'' and ``the Office'' with 
``the U.S. Office of Government Ethics'' to make references to the 
agency consistent with that of the actual model trust language.
    Third, OGE proposes replacing references to the Ethics in 
Government Act of 1978 as ``the Ethics Act'' with ``the Act'' in order 
to maintain consistency.
    Fourth, OGE proposes fixing a typo by removing the period (.) 
following the ``NW'' in OGE's address.
    A Federal Register Notice with a 60-day comment period soliciting 
comments on this information collection was published on July 22, 2022 
(87 FR 43855). OGE did not receive any comments in response.
    Request for Comments: Agency and public comment is invited 
specifically on the need for and practical utility of this information 
collection, on the accuracy of OGE's burden estimate, on the 
enhancement of quality, utility, and clarity of the information 
collected, and on minimizing the burden to the public. Comments 
received in response to this notice will be summarized for, and may be 
included with, the OGE request for extension of OMB approval. The 
comments will also become a matter of public record.
    Specifically, OGE seeks public comment on the following:
     Do the model qualified blind trusts provide sufficient 
direction to establish a trust under the Qualified Trust Program? If 
not, what provisions could be clearer or what language should be 
changed?
     Do the model qualified diversified trusts provide 
sufficient direction to establish a trust under the Qualified Trust 
Program? If not, what provisions could be clearer or what language 
should be changed?
     Do the Additional Trust Documents provide sufficient 
information for individuals to comply with the logistical requirements 
(e.g., procedure for securing approval of proposed communications) of 
the Qualified Trust Program? If not, what provisions could be clearer 
or what language should be changed?

    Approved: October 12, 2022.
Emory Rounds,
Director, Office of Government Ethics.
[FR Doc. 2022-22544 Filed 10-17-22; 8:45 am]
BILLING CODE 6345-03-P