EBSA (Formerly PWBA) Federal Register Notice

Proposed Extension of Information Collection; Comment Request Prohibited Transaction Class Exemption 82-63 [02/22/2001]

Volume 66, Number 36, Page 11182-11183

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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration

 
Proposed Extension of Information Collection; Comment Request 
Prohibited Transaction Class Exemption 82-63

ACTION: Notice.

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SUMMARY: The Department of Labor, 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 information collection request (ICR) 
incorporated in Prohibited Transaction Class Exemption 82-63 (PTE 82-
63) involving compensation arrangements for securities lending 
services. A copy of the 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

    PTE 82-63 allows certain compensation arrangements to be made for 
the provision by a fiduciary of securities lending services to an 
employee benefit plan, if the conditions specified in the exemption are 
met. In the absence of this exemption, certain aspects of these 
transactions might be prohibited by section 406 of the Employee 
Retirement Income Security Act. The class exemption has two basic 
information collection requirements. The first requirement is that the 
compensation be paid in accordance with a written instrument authorized 
by a non-lending fiduciary, and the second is that the lending 
fiduciary furnish the authorizing fiduciary with information needed for 
the authorizing fiduciary to determine whether the compensation 
arrangement should be made or renewed.

II. 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 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;

[[Page 11183]]

     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 Action

    This notice requests comments on the extension of the ICR included 
in PTE 82-63. 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 82-63.
    OMB Number: 1210-0062.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Respondents: 42,000.
    Frequency of Response: On occasion.
    Responses: 42,000.
    Estimated Total Burden Hours: 3,500.
    Total Burden Cost (Operating and Maintenance): $0.
    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 15, 2001.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 01-4409 Filed 2-21-01; 8:45 am]
BILLING CODE 4510-29-P