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EBSA
Notices
Proposed Extension of Information Collection; Comment Request; Prohibited Transaction Class Exemption 94-20, Foreign Exchange Transactions
[ 4/20/2009]
[ PDF]
FR Doc E9-8949
[Federal Register: April 20, 2009 (Volume 74, Number 74)]
[Notices]
[Page 17990-17991]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20ap09-75]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection; Comment Request;
Prohibited Transaction Class Exemption 94-20, Foreign Exchange
Transactions
AGENCY: Employee Benefit Security Administration.
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). This program helps to ensure that the Department can properly
assess the impact of its information collection requirements on
respondents and minimize the reporting burden (time and financial
resources) on the public and that the public can understand the
Department's collection instruments and provide the requested data in
the desired format. Currently, the Employee Benefits Security
Administration (EBSA) is soliciting comments on the proposed extension
of the information collection provisions of Prohibited Transaction
Class Exemption (PTE) 94-20, Foreign Exchange Transactions. 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 June 19, 2009.
ADDRESSES: Direct all written comments to G. Christopher Cosby, Office
of Policy and Research, Employee Benefits Security Administration, U.S.
Department of Labor, 200 Constitution Avenue, NW., Room N-5718,
Washington, DC 20210, (202) 693-8410, FAX (202) 219-4745 (the foregoing
are not toll-free numbers). Comments may also be submitted
electronically to the following Internet e-mail address:
ebsa.opr@dol.gov.
SUPPLEMENTARY INFORMATION:
I. Background
PTE 94-20 permits the purchase and sale of foreign currencies
between an employee benefit plan and a bank, broker-dealer, or an
affiliate thereof, that is a trustee, custodian, fiduciary, or other
party in interest with respect to the plan. The exemption is available
provided that the transaction is directed (within the meaning of
section IV(e) of the exemption) by a plan fiduciary that is independent
of the bank, broker-dealer, or affiliate and all other conditions of
the exemption are satisfied. Without this exemption, certain aspects of
these transactions might be prohibited by section 406(a) of ERISA. To
protect the interests of participants and beneficiaries of the employee
benefit plan, the exemption requires that the party wishing to take
advantage of the exemption (1) Develop written policies and procedures
applicable to trading in foreign currencies on behalf of an employee
benefit plan; (2) provide a written confirmation with respect to each
transaction in foreign currency to the independent plan fiduciary,
disclosing specified information; and (3) maintain records pertaining
to the transaction for a period of six years. This ICR relates to the
foregoing disclosure and recordkeeping requirements.
EBSA previously submitted the information collection provisions of
PTE 94-20 to the Office of Management and Budget (OMB) for review in
connection with promulgation of the prohibited transaction exemption.
OMB approved the information collection request (ICR) under OMB Control
No. 1210-0085. The ICR approval is currently scheduled to expire on
August 31, 2009.
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;
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., by
permitting electronic submission of responses.
III. Current Action
This notice requests comments on the extension of the ICR included
in PTE 94-20. The Department is not proposing or implementing changes
to the existing ICR at this time. The following summarizes the ICR and
the current burden estimates:
Type of Review: Extension of a currently approved collection of
information.
Agency: Employee Benefits Security Administration, Department of
Labor.
Titles: Foreign Exchange Transactions; PTCE 94-20.
OMB Number: 1210-0085.
Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
Respondents: 239.
Frequency of Response: On occasion.
Responses: 1,195.
Estimated Total Burden Hours: 200.
Comments submitted in response to this notice will be summarized
and/or
[[Page 17991]]
included in the request for OMB approval of the ICR; they will also
become a matter of public record.
Dated: April 14, 2009.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security
Administration.
[FR Doc. E9-8949 Filed 4-17-09; 8:45 am]
BILLING CODE 4510-20-P
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