[Federal Register Volume 74, Number 239 (Tuesday, December 15, 2009)]
[Notices]
[Page 66377]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-29765]


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DEPARTMENT OF LABOR

Office of the Secretary


Submission for OMB Review: Comment Request

December 9, 2009.
    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;
     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: PTE 2006-16 (Securities Lending by Employee 
Benefit Plans).
    OMB Control Number: 1210-0065.
    Affected Public: Private sector.
    Estimated Number of Respondents: 100.
    Total Estimated Annual Burden Hours: 191.
    Total Estimated Annual Costs Burden (Excludes Hourly Wage Costs): 
$5,600.
    Description: Prohibited Transaction Exemption (PTE) 2006-16 permits 
an employee benefit plan to lend securities to certain broker-dealers 
and banks and to make compensation arrangements for lending services 
provided by a plan fiduciary in connection with such securities loans. 
In the absence of this exemption, some aspects of these transactions 
might be prohibited under Section 406 of Employee Retirement Income 
Security Act of 1974 (ERISA). A plan fiduciary needs the collected 
information to meet its fiduciary obligation to participants and 
beneficiaries under ERISA section 404(a), which, among other things, 
require a fiduciary to discharge his duties respecting the plan solely 
in the interest of the plan's participants and beneficiaries and in a 
prudent fashion and to ensure the plan's security lending transactions 
qualify for exemptive relief. The Department uses the information to 
(1) ensure that the rights of participants and beneficiaries are 
protected, (2) effectively enforce the terms of the class exemption and 
(3) ensure user compliance. For additional information, see related 
notice published in the Federal Register on September 25, 2009 (Vol. 
74, page 49022).

Darrin A. King,
Departmental Clearance Officer.
[FR Doc. E9-29765 Filed 12-14-09; 8:45 am]
BILLING CODE 4510-29-P