[Federal Register Volume 84, Number 225 (Thursday, November 21, 2019)]
[Notices]
[Pages 64342-64343]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25259]


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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Statutory Exemption for Cross-Trading of 
Securities

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) titled, ``Statutory Exemption for Cross-
Trading of Securities'' to the Office of Management and Budget (OMB) 
for review and approval for continued use, without change, 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 December 23, 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=201908-1210-006 (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 to extend PRA authority for 
the Statutory Exemption for Cross-Trading of Securities information 
collection. The Interim Final Rule on Statutory Exemption for 
CrossTrading of Securities implements the content requirements for the 
written cross-trading policies and procedures required under section 
408(b)(19)(H) of ERISA, as added by section 611(g) of the PPA. Section 
611(g)(1) of the PPA created a new statutory exemption, added to 
section 408(b) of ERISA as subsection 408(b)(19), that exempts from the 
prohibitions of sections 406(a)(1)(A) and 406(b)(2) of ERISA those 
cross-trading transactions involving the purchase and sale of a 
security between an account holding assets of a pension plan and any 
other account managed by the same investment manager, provided that 
certain conditions are satisfied. Section 611(g)(3) of the PPA further 
directed the Secretary to issue regulations, within 180 days after 
enactment, regarding the content of the policies and procedures to be 
adopted by an investment manager to satisfy the conditions of the new 
statutory exemption. The Department issued a final cross trading 
regulation on October 7, 2008. The recordkeeping requirement in the 
regulation constitutes an information collection within the meaning of 
the PRA, for

[[Page 64343]]

which the Department has obtained approval from OMB under OMB Control 
No. 1210-0130.
    OMB authorization for an ICR cannot be for more than three (3) 
years without renewal and the current approval for this collection will 
expire on November 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, reference the 60-day notice 
published in the Federal Register on March 27, 2019 (84 FR 11573).
    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 1210-0130. 
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: Statutory Exemption for Cross-Trading of 
Securities.
    OMB Control Number: 1210-0130.
    Affected Public: Private Sector--Businesses or other for-profits.
    Total Estimated Number of Respondents: 297.
    Total Estimated Number of Responses: 2,673.
    Total Estimated Annual Time Burden: 3,104 hours.
    Total Estimated Annual Other Costs Burden: $13,400.
    Authority: 44 U.S.C. 3507(a)(1)(D).

    Dated: November 15, 2019.
Frederick Licari,
Departmental Clearance Officer.
[FR Doc. 2019-25259 Filed 11-20-19; 8:45 am]
 BILLING CODE 4510-29-P