[Federal Register Volume 68, Number 214 (Wednesday, November 5, 2003)]
[Notices]
[Pages 62621-62622]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-27830]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Prohibited Transaction Exemption 75-1--Broker--
Dealers, Reporting Dealers, Banks Engaging in Securities Transactions

AGENCY: Employee Benefits Security Administration, Department of Labor.

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). This program 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 on the proposed extension of the 
information collection provisions of Prohibited Transaction Class 
Exemption 75-1.
    A copy of the information collection request (ICR) can be obtained 
by contacting the individual shown in the Addresses section of this 
notice.

DATES: Written comments must be submitted to the office shown in the 
Addresses section on or before January 5, 2004.

ADDRESSES: Gerald B. Lindrew, Department of Labor, Employee Benefits 
Security Administration, 200 Constitution Avenue NW., Washington, DC 
20210, (202) 693-8410, Fax (202) 693-4745 (these are not toll-free 
numbers).

SUPPLEMENTARY INFORMATION:

I. Background

    Prohibited Transaction Class Exemption 75-1 provides an exemption 
from prohibited transaction provisions of the Employment Retirement 
Income Security Act of 1974 (ERISA). The exemption permits, under 
certain conditions, an employee benefit plan to purchase securities 
from broker-dealers' personal inventories of stocks, from underwriting 
syndicates in which a plan fiduciary is a member, from banks, from 
reporting dealers, and from a market makers even if a market-maker is a 
plan fiduciary. The exemption also permits, under certain conditions, a 
plan to accept an extension of credit from a broker-dealer for the 
purpose of facilitating settlement of a securities transaction.
    By requiring that records pertaining to the exempted transaction be 
maintained for six years, this ICR insures that the exemption is not 
abused, the rights of the participants and beneficiaries are protected, 
and that compliance with the exemption's conditions can be confirmed. 
The exemption affects participants and beneficiaries of the plans that 
are involved in such transactions as well as certain broker-dealers, 
reporting dealers, banks, underwriting syndicates, and market makers.

II. Review Focus

    The Department of Labor (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 submissions of responses.

III. Current Actions

    The Office of Management and Budget's (OMB) approval of this ICR 
will expire on January 31, 2004. After considering comments received in 
response to this notice, the Department intends to submit the ICR to 
OMB for continuing approval. No change to the existing ICR is proposed 
or made at this time.
    Agency: Employee Benefits Security Administration, Department of 
Labor.
    Title: Prohibited Transaction Class Exemption 75-1--Broker-Dealers, 
Reporting Dealers, Banks Engaging in Securities Transactions.

[[Page 62622]]

    Type of Review: Extension of a currently approved collection of 
information.
    OMB Number: 1210-0092.
    Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
    Respondents: 10,750.
    Responses: 10,750.
    Average Response time: 5 minutes.
    Estimated Total Burden Hours: 896.
    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: October 30, 2003.
Gerald B. Lindrew,
Deputy Director, Office of Policy and Research, Employee Benefits 
Security Administration.
[FR Doc. 03-27830 Filed 11-4-03; 8:45 am]
BILLING CODE 4510-29-P