Agency information collection activities: Proposed collection; comment request,

[Federal Register: February 22, 2001 (Volume 66, Number 36)]

[Notices]

[Page 11181-11182]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[DOCID:fr22fe01-88]

DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration

Proposed Extension of Information Collection Request: Comment Request; Prohibited Transaction Class Exemption 81-6

ACTION: Notice.

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 81-4. A copy of the

[[Page 11182]]

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 April 23, 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:

1. 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, where the borrowing broker-dealer or bank is a party in interest, 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 interest or disqualified person with respect to the plan under the Employee Retirement Income Securities Act (ERISA) or the Internal Revenue Code (Code).

1. 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.

3. Current Actions

   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. This notice requests comments on the extension of the ICR included in the Prohibited Transaction Class Exemption 81-6. 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 81-6.

   OMB Number: 1210-0065.

   Affected Public: Individuals or households; Business or other for- profit; Not-for-profit institutions.

   Respondents: 42,000.

   Frequency of Response: On occasion.

   Responses: 126,000.

   Estimated Total Burden Hours: 10,500.

   Total Burden Cost (Operating and Maintenance): $47,880.

   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: February 12, 2001. Gerald B. Lindrew, Deputy Director, Office of Policy and Research, Pension and Welfare Benefits Administration.

   [FR Doc. 01-4408Filed2-21-01; 8:45 am]

   BILLING CODE 4510-29-P