[Federal Register Volume 78, Number 113 (Wednesday, June 12, 2013)]
[Notices]
[Pages 35325-35326]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-13830]


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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 for 
Certain Transactions Between Investment Companies and Employee Benefit 
Plans

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) revision titled, ``Prohibited Transaction 
Class Exemption for Certain Transactions between Investment Companies 
and Employee Benefit Plans,'' to the Office of Management and Budget 
(OMB) for review and approval for use in accordance with the Paperwork 
Reduction Act (PRA) of 1995 (44 U.S.C. 3501 et seq.).

DATES: Submit comments on or before July 12, 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 at http://

[[Page 35326]]

www.reginfo.gov/public/do/PRAViewICR?ref--nbr=201304-1210-009 (this 
link will only become active 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 
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 certain transactions between investment companies and 
employee benefit plans (PTE 77-4) permits an employee benefit plan to 
purchase and sell shares of an open-end investment company (mutual 
fund) when a fiduciary with respect to the plan is also the investment 
advisor for the mutual fund. There are three basic disclosure 
requirements incorporated within PTE 77-4. The first requirement is to 
disclose any redemption fees in the current prospectus of the open-end 
mutual fund. The second requirement is that, at the time of the 
purchase or sale of such mutual fund shares, an independent fiduciary 
receive a copy of the current prospectus issued by the open-end mutual 
fund and full written disclosure of the investment advisory fees 
charged to or paid by the plan and the open-end mutual fund to the 
investment advisor. The third requirement is that the independent 
fiduciary (1) be notified of any changes in the fees and (2) give 
written approval for the plan to purchase or sell affected mutual fund 
shares or the plan to continue possession of any such mutual fund 
shares acquired before the fee changes.
    The ICR has been classified as a revision, because--pursuant to an 
advisory opinion request--the DOL interprets the term, prospectus, in 
PTE 77-4 to include a summary prospectus if the summary prospectus 
meets revised Securities and Exchange Commission (SEC) disclosure 
provisions for mutual funds, including the Summary Prospectus Rule. See 
74 FR 4546 (January 26, 2009). Pursuant to the revised SEC disclosure 
provisions, mutual funds also are required to send the full prospectus 
to the investor upon an investor's request and to provide the full 
prospectus on-line at a specified internet site. For additional 
substantive information about this ICR, see the related notice 
published in the Federal Register on February 14, 2013 (78 FR 10638).
    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 1210-0049. Existing information collection 
requirements submitted to the OMB will continue to apply while the ICR 
undergoes review. Revisions would only take effect under the PRA upon 
OMB authorization.
    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 1210-0049. 
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 for 
Certain Transactions between Investment Companies and Employee Benefit 
Plans.
    OMB Control Number: 1210-0049.
    Affected Public: Private Sector--businesses or other for-profits 
and not-for-profit institutions.
    Total Estimated Number of Respondents: 700.
    Total Estimated Number of Responses: 399,300.
    Total Estimated Annual Burden Hours: 33,640.
    Total Estimated Annual Other Costs Burden: $219,000.

    Dated: June 5, 2013.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2013-13830 Filed 6-11-13; 8:45 am]
BILLING CODE 4510-29-P