03-6557. Proposed Extension of Information Collection; Comment Request; Prohibited Transaction Class Exemption 94-20

ACTION:

Notice.

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 Employee Benefits Security Administration is soliciting comments concerning the information collection request (ICR) incorporated in Prohibited Transaction Class Exemption 94-20 (PTCE 94-20). 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 May 19, 2003.

ADDRESSES:

Joseph S. Piacentini, Office of Policy and Research, U.S. Department of Labor, Employee Benefits Security Administration, 200 Constitution Avenue, NW., Room N-5718, Washington, DC 20210. Telephone: [phone]; Fax: [phone]. These are not toll-free numbers.

SUPPLEMENTARY INFORMATION:

I. Background

PTCE 94-20 permits the purchase and sale of foreign currencies between an employee benefit plan and a bank or broker-dealer or an affiliate thereof that is a party in interest with respect to such plan. In the absence of this exemption, certain aspects of these transactions could 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 a bank, broker-dealer of affiliate thereof that wishes to take advantage of the exemption: develop written procedures applicable to trading in foreign currencies on behalf of an employee benefit plan; provide a written confirmation with respect to each transaction in foreign currency; and, maintain records for a period of six years.

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., permitting electronic submission of responses.

III. Current Action

This notice requests comments on the extension of the ICR included in PTCE 94-20. 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: 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: 130.

Frequency of Response: On occasion.

Responses: 650.

Estimated Total Burden Hours: 54.

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: March 13, 2003.

Joseph S. Piacentini,

Deputy Director, Office of Policy and Research, Employee Benefits Security Administration.