EBSA (Formerly PWBA) Federal Register Notice Proposed Extension of Information
Collection Request Submitted for Public Comment and Recommendations; Prohibited
Transaction Class Exemption 98-54 [07/13/2001]
EBSA (Formerly PWBA) Federal Register Notice Proposed Extension of Information
Collection Request Submitted for Public Comment and Recommendations; Prohibited
Transaction Class Exemption 98-54 [07/13/2001]
Volume 66, Number 135, Page 36805
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DEPARTMENT OF LABOR
Pension and Welfare Benefits Administration
Proposed Extension of Information Collection Request Submitted
for Public Comment and Recommendations; Prohibited Transaction Class
Exemption 98-54
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
98-54 (PTE 98-54). A copy of the 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 September 11, 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 98-54 permits certain foreign exchange transactions between
employee benefit plans and certain banks, broker-dealers, and domestic
affiliates thereof, which are parties in interest with respect to such
plans, pursuant to standing instructions. In the absence of an
exemption, foreign exchange transactions pursuant to standing
instructions would be prohibited under circumstances where the bank or
broker-dealer 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).
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 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 five basic information collection
requirements. The first requires the bank or broker-dealer to maintain
written policies and procedures for handling foreign exchange
transactions for plans for which it is a party in interest which ensure
that the party acting for the bank or broker-dealer knows it is dealing
with a plan. The second requires that the transactions are performed in
accordance with a written authorization executed in advance by an
independent fiduciary of the plan. The third requires that the bank or
broker-dealer provides the authorizing fiduciary with a copy of its
written policies and procedures for foreign exchange transactions
involving income item conversions and de minimis purchase and sale
transactions prior to the execution of a transaction. The fourth
requires the bank or broker-dealer to furnish the authorizing fiduciary
a written confirmation statement with respect to each covered
transaction within five days of execution. The fifth requires that the
bank or broker-dealer maintains records necessary for plan fiduciaries,
participants, and the Department and Internal Revenue Service to
determine whether the conditions of the exemption are being met for
period of six years form the date of execution of a transaction.
This notice requests comments on the extension of the ICR included
in the PTE 98-54. 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 98-54.
OMB Number: 1210-0111.
Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
Respondents: 35.
Frequency of Response: On occasion.
Responses: 8,400.
Estimated Total Burden Hours: 4,200.
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: July 9, 2001.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare
Benefits Administration.
[FR Doc. 01-17550 Filed 7-12-01; 8:45 am]
BILLING CODE 4510-29-P
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