[Federal Register Volume 78, Number 101 (Friday, May 24, 2013)]
[Notices]
[Pages 31578-31579]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-12426]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Prohibited Transaction Class Exemption 75-1, 
Security Transactions With Broker-Dealers, Reporting Dealers, and Banks

ACTION: Notice.

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SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) titled, ``Prohibited Transaction Class 
Exemption 75-1, Security Transactions with Broker-Dealers, Reporting 
Dealers, and Banks,'' to the Office of Management and Budget (OMB) for 
review and approval for continued use without change, in accordance 
with the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3501 et 
seq.).

DATES: Submit comments on or before June 24, 2013.

ADDRESSES: A copy of this ICR with applicable supporting documentation; 
including a description of the likely respondents, proposed frequency 
of response, and estimated total burden may be obtained free of charge 
from the RegInfo.gov Web site, http://www.reginfo.gov/public/do/PRAMain, on the day following publication of this notice or by 
contacting Michel Smyth by telephone at 202-693-4129 (this is not a 
toll-free number) or sending an email to [email protected].
    Submit comments about this request to the Office of Information and 
Regulatory Affairs, Attn: OMB Desk Officer for DOL-EBSA, Office of 
Management and Budget, Room 10235, 725 17th Street NW., Washington, DC

[[Page 31579]]

20503, Fax: 202-395-6881 (this is not a toll-free number), email: 
[email protected].

FOR FURTHER INFORMATION CONTACT: Contact Michel Smyth by telephone at 
202-693-4129 (this is not a toll-free number) or by email at [email protected].

    Authority: 44 U.S.C. 3507(a)(1)(D).

SUPPLEMENTARY INFORMATION: The Prohibited Transaction Class Exemption 
applicable to security transactions with broker-dealers, reporting 
dealers, and banks (PTE-75-1) provides exemptions from certain 
prohibited transaction provisions of the Employment Retirement Income 
Security Act of 1974 and the Internal Revenue Code for specified types 
of transactions relating to securities purchases and sales between 
employee benefit plans and broker-dealers, reporting dealers, and 
banks; provided that specified conditions are met. Exempted 
transactions include an employee benefit plan purchasing securities 
from broker-dealers' stock inventories; underwriting syndicates in 
which a plan fiduciary is a member; banks; reporting dealers; and 
market-makers, even if a market-maker is a plan fiduciary. Exempted 
transactions also include, under certain conditions, a plan accepting 
an extension of credit from a broker-dealer to facilitate settlement of 
a securities transaction. Among other conditions, PTE 75-1 requires a 
party seeking to rely on the exemption with respect to a transaction to 
maintain adequate records of the transaction for a period of six years.
    This information collection is subject to the PRA. A Federal agency 
generally cannot conduct or sponsor a collection of information, and 
the public is generally not required to respond to an information 
collection, unless it is approved by the OMB under the PRA and displays 
a currently valid OMB Control Number. In addition, notwithstanding any 
other provisions of law, no person shall generally be subject to 
penalty for failing to comply with a collection of information that 
does not display a valid Control Number. See 5 CFR 1320.5(a) and 
1320.6. The DOL obtains OMB approval for this information collection 
under Control Number 1210-0092. OMB authorization for an ICR cannot be 
for more than three (3) years without renewal, and the current approval 
is scheduled to expire on May 31, 2013. The DOL seeks OMB to extend PRA 
authorization for this information collection for three (3) years 
without any change to existing requirements. It should be noted that 
existing information collection requirements submitted to the OMB 
receive a month-to-month extension while they undergo review. For 
additional information, see the related notice published in the Federal 
Register on November 27, 2012 (77 FR 70828).
    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section within 30 days of publication of this notice in 
the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0092. 
The OMB 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 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: DOL-EBSA.
    Title of Collection: Prohibited Transaction Class Exemption 75-1, 
Security Transactions with Broker-Dealers, Reporting Dealers, and 
Banks.
    OMB Control Number: 1210-0092.
    Affected Public: Private Sector--businesses or other for-profits.
    Total Estimated Number of Respondents: 7,492.
    Total Estimated Number of Responses: 7,492.
    Total Estimated Annual Burden Hours: 1,249.
    Total Estimated Annual Other Costs Burden: $0.

    Dated: May 8, 2013.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2013-12426 Filed 5-23-13; 8:45 am]
BILLING CODE 4510-29-P