Proposed Extension of Information Collection Request: Comment
Request; Prohibited Transaction Class Exemption 81-6 [Notices] [02/22/2001]
Proposed Extension of Information Collection Request: Comment
Request; Prohibited Transaction Class Exemption 81-6 [02/22/2001]
Volume 66, Number 36, Page 11181-11182
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DEPARTMENT OF LABOR
Pension and Welfare Benefits Administration
Proposed Extension of Information Collection Request: Comment
Request; Prohibited Transaction Class Exemption 81-6
ACTION: Notice.
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SUMMARY: The Department of Labor (Department), as part of its
continuing effort to reduce paperwork and respondent burden, conducts a
preclearance consultation program to provide the general public and
Federal agencies with an opportunity to comment on proposed and
continuing collections of information in accordance with the Paperwork
Reduction Act of 1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)). This helps to
ensure that requested data can be provided in the desired format,
reporting burden (time and financial resources) is minimized,
collection instruments are clearly understood, and the impact of
collection requirements on respondents can be properly assessed.
Currently, the Pension and Welfare Benefits Administration is
soliciting comments concerning the proposed extension of the
information collection provisions of Prohibited Transaction Exemption
81-4. A copy of the
[[Page 11182]]
Information Collection Request (ICR) may be obtained by contacting the
office listed in the addresses section of this notice.
DATES: Written comments must be submitted to the office shown in the
addresses section below on or before April 23, 2001.
ADDRESSES: Gerald B. Lindrew, Office of Policy and Research, U.S.
Department of Labor, Pension and Welfare Benefits Administration, 200
Constitution Avenue, NW., Room N-5647, Washington, DC 20210. Telephone:
(202) 219-4782; Fax: (202) 219-4745. These are not toll-free numbers.
SUPPLEMENTARY INFORMATION:
I. Background
Prohibited Transaction Class Exemption 81-6 permits an employee
benefit plan to lend securities to a broker-dealer registered under the
Securities Exchange Act of 1934 or to a bank, where the borrowing
broker-dealer or bank is a party in interest, provided certain
conditions are met. In the absence of an exemption, securities lending
transactions would be prohibited under circumstances where the
borrowing broker-dealer or bank is a party in interest or disqualified
person with respect to the plan under the Employee Retirement Income
Securities Act (ERISA) or the Internal Revenue Code (Code).
I. Desired Focus of Comments
The Department 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 a 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.
III. Current Actions
The class exemption has two basic information collection
requirements. The first requires the borrower of the plan securities to
report certain information to the lending plan fiduciary, and the
second calls for a written agreement between the lending plan and the
borrower. This notice requests comments on the extension of the ICR
included in the Prohibited Transaction Class Exemption 81-6. The
Department is not proposing or implementing changes to the existing ICR
at this time.
Type of Review: Extension of a currently approved collection of
information.
Agency: Pension and Welfare Benefits Administration, Department of
Labor.
Titles: Prohibited Transaction Class Exemption 81-6.
OMB Number: 1210-0065.
Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
Respondents: 42,000.
Frequency of Response: On occasion.
Responses: 126,000.
Estimated Total Burden Hours: 10,500.
Total Burden Cost (Operating and Maintenance): $47,880.
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB approval of the information
collection request; they will also become a matter of public record.
Dated: February 12, 2001.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare
Benefits Administration.
[FR Doc. 01-4408 Filed 2-21-01; 8:45 am]
BILLING CODE 4510-29-P
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