[Federal Register Volume 65, Number 17 (Wednesday, January 26, 2000)]
[Notices]
[Pages 4263-4264]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-1783]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Extension of Information Collection; Comment Request; 
Prohibited Transaction Exemption 94-20

ACTION:  Notice.

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SUMMARY:  The Department of Labor (the 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, 
report 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 extension of the information 
collection requests (ICR) incorporated in Prohibited Transaction Class 
Exemption 94-20, Purchases and Sales of Foreign Currencies. 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 March 27, 2000.

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, D.C. 20210. 
Telephone: (202) 219-4782; Fax: (202) 219-4745. These are not toll-free 
numbers.

SUPPLEMENTARY INFORMATION:

I. Background

    Prohibited Transaction Class Exemption 94-20 permits the purchase 
and sale of foreign currencies between an employee benefit plan and a 
bank or a 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 the Employee Retirement Security Act of 1974 (the Act).

II. Desired Focus of Comments

    The Department 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 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 existing collection of information should be continued because 
without the relief provided by this exemption, foreign exchange 
transactions between a bank or an affiliate thereof and an employee 
benefit plan with respect to which the bank or an affiliate is a 
trustee, custodian, fiduciary, or other party in interest would violate 
certain provisions of the Act. Specifically, individuals or entities 
which are parties in interest with respect to a plan would not be 
permitted to engage in a purchase or sale of foreign currencies between 
the bank, broker-dealer, or a affiliate thereof and an employee benefit 
plan, thus creating a potential hardship to those affected. The 
exemption has one basic information collection condition--the bank or 
broker-dealer or affiliates thereof are required to maintain within 
territories under the jurisdiction of the United States Government, for 
a period of six years from the date of the transaction, records of the 
foreign exchange transaction. Without such records, the Department 
would be unable to effectively enforce the terms of the exemption, 
insure user compliance, and protect the interests of employee benefit 
plan participants and beneficiaries.
    Type of Review: Extension of currently approved collections of 
information.
    Agency: Pension and Welfare Benefits Administration.
    Title: Prohibited Transaction Class Exemption 94-20, Purchases and 
Sales of Foreign Currencies.
    OMB Number: 1210-0085.
    Recordkeeping: Six years.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Total Respondents: 35.
    Average Time per Response: 5 minutes.
    Total Responses: 175.
    Estimated Total Burden Hours: 15.
    This notice requests comments on the extension of the ICR included 
in Prohibited Transaction Class Exemption 94-20. The Department is not 
proposing or implementing changes to the existing ICR at this time. 
Comments submitted in response to this notice will be summarized and/or 
included in the request for OMB approval of the

[[Page 4264]]

information collection request; they will also become a matter of 
public record.

    Dated: January 20, 2000.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research Pension and Welfare 
Benefits Administration.
[FR Doc. 00-1783 Filed 1-25-00; 8:45 am]
BILLING CODE 4510-29-M