Employee Benefits Security Administration, Department of Labor.
The Department of Labor (the Department), in accordance with the Paperwork Reduction Act of 1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)), provides the general public and Federal agencies with an opportunity to comment on proposed and continuing collections of information. This helps the Department assess the impact of its information collection requirements and minimize the reporting burden on the public and the public understand the Department's information collection requirements and provide the requested data in the desired format. Currently, the Employee Benefits Security Administration (EBSA) is soliciting comments on a proposed extension of the current approval of information collection provisions incorporated in the regulation pertaining to the statutory exemption for cross-trading of securities. A copy of the information collection request (ICR) may be obtained by contacting the office listed in the ADDRESSES section of this notice or at http://www.RegInfo.gov.
Written comments must be submitted on or before March 1, 2010.
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-5647, Washington, DC 20210. Telephone: (202) 693-8410; Fax: (202) 219-4745. These are not toll-free numbers. Comments may also be submitted electronically to the following Internet e-mail address: email@example.com.End Preamble Start Supplemental Information
The Interim Final Rule on Statutory Exemption for Cross-Trading of Securities implements the content requirements for the written cross-trading policies and procedures required under section 408(b)(19)(H) of ERISA, as added by section 611(g) of the Pension Protection Act of 2006, Public Law 109-280 (PPA). Section 611(g)(1) of the PPA created a new statutory exemption, added to section 408(b) of ERISA as subsection 408(b)(19), that exempts from the prohibitions of sections 406(a)(1)(A) and 406(b)(2) of ERISA those cross-trading transactions involving the purchase and sale of a security between an account holding assets of a pension plan and any other account managed by the same investment manager, provided that certain conditions are satisfied. Section 611(g)(3) of the PPA further directed the Secretary of Labor to issue regulations, within 180 days after enactment, regarding the content of the policies and procedures to be adopted by an investment manager to satisfy the conditions of the new statutory exemption.
The Department issued a final cross-trading regulation on October 7, 2008. OMB approved the ICR at the proposed rule stage on April 27, 2007, under control number 1210-0130, which expires on April 30, 2010. The final rule did not implement any substantive or material change to the information collection; therefore, no change was made to the ICR, and no further OMB review was required. The public is not required to respond to an information collection unless it displays a valid control number. No change to the existing ICR is being proposed or made at this time.
II. Desired Focus of Comments
The Department of Labor (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., permitting electronic submissions of responses.
III. Current Action
This notice requests comments on an extension of OMB's approval of the information collections included in 29 CFR 2550.408b-19. The Department is not proposing or implementing changes to the existing ICR at this time. A summary of the ICR and the current burden estimates follows:
Agency: Employee Benefits Security Administration, Department of Labor.
Title: Final Rule on Statutory Exemption for Cross-Trading of Securities.
Type of Review: Extension of a currently approved collection of information.
OMB Number: 1210-0130.
Affected Public: Business or other for-profit; Not-for-profit institutions.
Estimated Total Burden Hours: 17,000.
Estimated Total Burden Cost (Operating and Maintenance): $58,000.
Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval of the ICR; they will also become a matter of public record.Start Signature
Dated: December 24, 2009.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security Administration.
[FR Doc. E9-31000 Filed 12-30-09; 8:45 am]
BILLING CODE 4510-29-P