[Federal Register Volume 68, Number 53 (Wednesday, March 19, 2003)]
[Notices]
[Page 13327]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-6557]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


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

ACTION: Notice.

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SUMMARY: The Department of Labor, 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 Employee Benefits Security Administration is 
soliciting comments concerning the information collection request (ICR) 
incorporated in Prohibited Transaction Class Exemption 94-20 (PTCE 94-
20). 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 May 19, 2003.

ADDRESSES: Joseph S. Piacentini, Office of Policy and Research, U.S. 
Department of Labor, Employee Benefits Security Administration, 200 
Constitution Avenue, NW., Room N-5718, Washington, DC 20210. Telephone: 
(202) 693-8410; Fax: (202) 219-5333. These are not toll-free numbers.

SUPPLEMENTARY INFORMATION: 

I. Background

    PTCE 94-20 permits the purchase and sale of foreign currencies 
between an employee benefit plan and a bank or 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 ERISA. To protect 
the interests of participants and beneficiaries of the employee benefit 
plan, the exemption requires that a bank, broker-dealer of affiliate 
thereof that wishes to take advantage of the exemption: develop written 
procedures applicable to trading in foreign currencies on behalf of an 
employee benefit plan; provide a written confirmation with respect to 
each transaction in foreign currency; and, maintain records for a 
period of six years.

II. Desired Focus of Comments

    The Department is particularly interested in comments that:
    [sbull] 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;
    [sbull] 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;
    [sbull] Enhance the quality, utility, and clarity of the 
information to be collected; and
    [sbull] 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 notice requests comments on the extension of the ICR included 
in PTCE 94-20. 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: Employee Benefits Security Administration, Department of 
Labor.
    Titles: Foreign Exchange Transactions; PTCE 94-20.
    OMB Number: 1210-0085.
    Affected Public: Individuals or households; business or other for-
profit; not-for-profit institutions.
    Respondents: 130.
    Frequency of Response: On occasion.
    Responses: 650.
    Estimated Total Burden Hours: 54.
    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: March 13, 2003.
Joseph S. Piacentini,
Deputy Director, Office of Policy and Research, Employee Benefits 
Security Administration.
[FR Doc. 03-6557 Filed 3-18-03; 8:45 am]
BILLING CODE 4510-29-P