[Federal Register Volume 84, Number 125 (Friday, June 28, 2019)]
[Notices]
[Pages 31109-31110]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13801]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Prohibited Transaction Exemption 1986-128 for 
Securities Transactions Involving Employee Benefit Plans and Broker-
Dealers

ACTION: Notice of availability; request for comments.

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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 
Exemption 1986-128 For Securities Transactions Involving Employee 
Benefit Plans and Broker-Dealers,'' to the Office of Management and 
Budget (OMB) for review and approval in accordance with the Paperwork 
Reduction Act of 1995 (PRA). Public comments on the ICR are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before July 29, 2019.

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 website at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201906-1210-003 (this link will only become active 
on the day following publication of this notice) or by contacting 
Frederick Licari by telephone at 202-693-8073, TTY 202-693-8064, (these 
are not toll-free numbers) or by email at [email protected].
    Submit comments about this request by mail 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; by Fax: 202-395-5806 (this is not a toll-free 
number); or by email: [email protected]. Commenters are 
encouraged, but not required, to send a courtesy copy of any comments 
by mail or courier to the U.S. Department of Labor-OASAM, Office of the 
Chief Information Officer, Attn: Departmental Information Compliance 
Management Program, Room N1301, 200 Constitution Avenue NW, Washington, 
DC 20210; or by email: [email protected].

FOR FURTHER INFORMATION CONTACT: Frederick Licari by telephone at 202-
693-8073, TTY 202-693-8064, (these are not toll-free numbers) or by 
email at [email protected].

SUPPLEMENTARY INFORMATION: This ICR seeks approval under the PRA for 
revisions to the Prohibited Transaction Exemption 1986-128 For 
Securities Transactions Involving Employee Benefit Plans and Broker-
Dealers. PTE 1986-128, as amended, permits persons who serve as 
fiduciaries for employee benefit plans and IRAs to effect or execute 
securities transactions on behalf of the plans and IRAs. The exemption 
also allows a fiduciary to act as an agent in an agency cross 
transaction for an employee benefit plan or IRA and one or more other 
parties to the transaction and receive reasonable compensation from the 
other party. The PTE requires the fiduciary relying on the exemption to 
obtain written authorization executed in advance by an independent 
fiduciary of the employee benefit plan whose assets are involved in the 
transaction. This information collection is a revision because the 
Department is renewing the information collections contained in PTE 75-
1 that had been in place prior to 2016. Section 408 of the Employee 
Retirement Income Security Act of 1974 (``ERISA'') authorizes this 
information collection. See U.S. Code 29 U.S.C. 1108.
    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 the OMB under the PRA approves it 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 1210-0059.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal, and the current approval for this collection is 
scheduled to expire on June 30, 2019. The DOL seeks to extend PRA 
authorization for this information collection for three (3) more years, 
without any change to existing requirements. The DOL notes that 
existing information collection requirements submitted to the OMB 
receive a month-to-month extension while they undergo review. For 
additional substantive information about this ICR, see the related 
notice

[[Page 31110]]

published in the Federal Register on April 5, 2019 (84 FR 13719).
    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 thirty-(30) days of publication of this 
notice in the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0059. 
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 Exemption 1986-128 For 
Securities Transactions Involving Employee Benefit Plans and Broker-
Dealers.
    OMB Control Number: 1210-0059.
    Affected Public: Private Sector, Businesses or other for-profits, 
Not-for-profit institutions.
    Total Estimated Number of Respondents: 11,894.
    Total Estimated Number of Responses: 819,448.
    Total Estimated Annual Time Burden: 19,495 hours.
    Total Estimated Annual Other Costs Burden: $661,045.

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

     Dated: June 21, 2019.
Frederick Licari,
Departmental Clearance Officer.
[FR Doc. 2019-13801 Filed 6-27-19; 8:45 am]
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