[Federal Register Volume 66, Number 135 (Friday, July 13, 2001)]
[Notices]
[Page 36805]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-17550]


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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration


Proposed Extension of Information Collection Request Submitted 
for Public Comment and Recommendations; Prohibited Transaction Class 
Exemption 98-54

ACTION: Notice.

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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 
98-54 (PTE 98-54). A copy of the 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 September 11, 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:

I. Background

    PTE 98-54 permits certain foreign exchange transactions between 
employee benefit plans and certain banks, broker-dealers, and domestic 
affiliates thereof, which are parties in interest with respect to such 
plans, pursuant to standing instructions. In the absence of an 
exemption, foreign exchange transactions pursuant to standing 
instructions would be prohibited under circumstances where the bank or 
broker-dealer 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).

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 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.

III. Current Actions

    The class exemption has five basic information collection 
requirements. The first requires the bank or broker-dealer to maintain 
written policies and procedures for handling foreign exchange 
transactions for plans for which it is a party in interest which ensure 
that the party acting for the bank or broker-dealer knows it is dealing 
with a plan. The second requires that the transactions are performed in 
accordance with a written authorization executed in advance by an 
independent fiduciary of the plan. The third requires that the bank or 
broker-dealer provides the authorizing fiduciary with a copy of its 
written policies and procedures for foreign exchange transactions 
involving income item conversions and de minimis purchase and sale 
transactions prior to the execution of a transaction. The fourth 
requires the bank or broker-dealer to furnish the authorizing fiduciary 
a written confirmation statement with respect to each covered 
transaction within five days of execution. The fifth requires that the 
bank or broker-dealer maintains records necessary for plan fiduciaries, 
participants, and the Department and Internal Revenue Service to 
determine whether the conditions of the exemption are being met for 
period of six years form the date of execution of a transaction.
    This notice requests comments on the extension of the ICR included 
in the PTE 98-54. 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 98-54.
    OMB Number: 1210-0111.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Respondents: 35.
    Frequency of Response: On occasion.
    Responses: 8,400.
    Estimated Total Burden Hours: 4,200.
    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: July 9, 2001.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Pension and Welfare 
Benefits Administration.
[FR Doc. 01-17550 Filed 7-12-01; 8:45 am]
BILLING CODE 4510-29-P