[Federal Register Volume 75, Number 80 (Tuesday, April 27, 2010)]
[Notices]
[Pages 22163-22164]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-9721]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Office of the Secretary
Submission for OMB Review: Comment Request
April 22, 2010.
The Department of Labor (DOL) hereby announces the submission of
the following public information collection request (ICR) to the Office
of Management and Budget (OMB) for review and approval in accordance
with the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C.
chapter 35). A copy of this ICR, with applicable supporting
documentation; including among other things a description of the likely
respondents, proposed frequency of response, and estimated total burden
may be obtained from the RegInfo.gov Web site at http://www.reginfo.gov/public/do/PRAMain or by contacting Darrin King on 202-
693-4129 (this is not a toll-free number)/e-mail: [email protected].
Interested parties are encouraged to send comments to the Office of
Information and Regulatory Affairs, Attn: OMB Desk Officer for the
Department of Labor--Employee Benefits Security Administration (EBSA),
Office of Management and Budget, Room 10235, Washington, DC 20503,
Telephone: 202-395-7316/Fax: 202-395-5806 (these are not toll-free
numbers), E-mail: [email protected] within 30 days from the
date of this publication in the Federal Register. In order to ensure
the appropriate consideration, comments should reference the OMB
Control Number (see below).
The OMB 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;
[[Page 22164]]
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.
Agency: Employee Benefits Security Administration.
Type of Review: Extension without change of a currently approved
collection.
Title of Collection: Final Rule on Statutory Exemption for Cross-
Trading of Securities.
OMB Control Number: 1210-0130.
Affected Public: Private sector.
Estimated Number of Respondents: 274.
Total Estimated Annual Burden Hours: 2,859.
Total Estimated Annual Costs Burden (excludes hourly wage costs):
$12,309.
Description: The Regulation on Statutory Exemption for Cross-
Trading of Securities (29 CFR 2550.408b-19) implements the content
requirements for the written cross-trading policies and procedures
required under section 408(b)(19)(H) of the Employee Retirement Income
Security Act of 1974 (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 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.
The information collection provisions of the Department's final
cross-trading policies and procedure regulation (29 CFR 2550.408b-19)
carry out the Congressional directive to specify the contents of the
policies and procedures required under the statutory exemption. The
Department believes the collections are necessary to safeguard plan
assets by requiring that investment managers relying on the statutory
exemption effect cross-trades in accordance with policies and
procedures that are fair and equitable to all accounts participating in
the cross-trading program. The information collection provisions of the
regulation, along with other requirements of the statutory exemption,
are also intended to ensure that plan fiduciaries have adequate
information to make an informed decision regarding the plan's initial
and continued participation in the investment manager's cross-trading
program.
For additional information, see related notice published in the
Federal Register on December 31, 2009 (Vol. 74, page 69365).
Darrin A. King,
Departmental Clearance Officer.
[FR Doc. 2010-9721 Filed 4-26-10; 8:45 am]
BILLING CODE 4510-29-P