[Federal Register Volume 63, Number 127 (Thursday, July 2, 1998)]
[Notices]
[Pages 36265-36266]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17567]
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DEPARTMENT OF LABOR
Pension and Welfare Benefits Administration
Proposed Information Collection Request Submitted for Public
Comment and Recommendations; Prohibited Transaction Class Exemption 81-
6
ACTION: Notice.
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SUMMARY: The Department of Labor, as part of its continuing effort to
reduce paperwork and respondent burden, provides the general public and
Federal agencies with an opportunity to comment on proposed and/or
continuing collections of information in accordance with the Paperwork
Reduction Act of 1995 (PRA 95) 44 U.S.C. 3506(c)(2)(A). This program
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 a currently
approved collection of information, Prohibited Transaction Class
Exemption 81-6. A copy of the proposed information collection request
can be obtained by contacting the employee listed below in the contact
section of this notice.
DATES: Written comments must be submitted on or before August 31, 1998.
The Department of Labor is particularly interested in comments
which:
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 clarify 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.
ADDRESSES: Gerald B. Lindrew, Department of Labor, Pension and Welfare
Benefits Administration, 200 Constitution Avenue, NW, Washington, DC
20210, (202) 219-4782 (this is not a toll-free number), FAX (202) 219-
4745.
SUPPLEMENTARY INFORMATION:
I. Background
Prohibited Transaction Class Exemption 81-6 permits an employee
benefit plan to lend securities to a broker-dealer registered under the
Securities Exchange Act of 1934 or to a bank, provided certain
conditions are met. In the absence of an exemption, securities lending
transactions would be prohibited under circumstances where the
borrowing broker-dealer or bank is a party in interested or
disqualified person with respect to the plan under
[[Page 36266]]
the Employee Retirement Income Security Act (ERISA) or the Internal
Revenue Code (Code).
II. Current Actions
This existing collection of information should be continued because
without the relief provided by this exemption, securities lending
transactions would be prohibited under circumstances where the
borrowing broker-dealer or bank is a party in interest or disqualified
person with respect to the plan under the Employee Retirement Income
Security Act (ERISA) or the Internal Revenue Code (Code). The
recordkeeping requirements incorporated within the class exemption are
intended to protect the interests of plan participants and
beneficiaries. The class exemption has two basic information collection
requirements. The first requires the borrower of the plan securities to
report certain information to the lending plan fiduciary, and the
second calls for a written agreement between the lending plan and the
borrower.
Type of Review: Extension.
Agency: Pension and Welfare Benefits Administration.
Title: Prohibited Transaction Class Exemption 81-6.
OMB Number: 1210-0065.
Affected Public: Business or other for-profit, Not-for-profit
institutions, Individuals.
Total Respondents: 18,245.
Frequency: On occasion.
Total Responses: 36,490.
Average Time Per Response: 5 minutes.
Estimated Total Burden Hours: 3,041.
Comments submitted in response to this notice will be summarized
and/or included in the request for Office of Management and Budget
approval of the information collection request; they will also become a
matter of public record.
Dated: June 26, 1998.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research Pension and Welfare
Benefits Administration.
[FR Doc. 98-17567 Filed 7-1-98; 8:45 am]
BILLING CODE 4510-29-M
