[Federal Register Volume 86, Number 22 (Thursday, February 4, 2021)]
[Notices]
[Page 8222]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-02327]


-----------------------------------------------------------------------

DEPARTMENT OF LABOR


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Investment Advice Participants and 
Beneficiaries

ACTION: Notice of availability; request for comments.

-----------------------------------------------------------------------

SUMMARY: The Department of Labor (DOL) is submitting this EBSA-
sponsored 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 (PRA). Public comments on the ICR 
are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before March 8, 2021.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    Comments are invited on: (1) Whether the collection of information 
is necessary for the proper performance of the functions of the 
Department, including whether the information will have practical 
utility; (2) if the information will be processed and used in a timely 
manner; (3) the accuracy of the agency's estimates of the burden and 
cost of the collection of information, including the validity of the 
methodology and assumptions used; (4) ways to enhance the quality, 
utility and clarity of the information collection; and (5) ways to 
minimize the burden of the collection of information on those who are 
to respond, including the use of automated collection techniques or 
other forms of information technology.

FOR FURTHER INFORMATION CONTACT: Mara Blumenthal by telephone at 202-
693-8538, or by email at [email protected].

SUPPLEMENTARY INFORMATION: The Department's rule allows financial 
services firms, such as a registered investment adviser, bank, or 
registered broker-dealer, to provide investment advice on its 
proprietary investment products or other investments that would result 
in fees or other payments to the firm, if the firm complies with a fee-
leveling requirement or the advice is furnished using a certified 
computer model. The regulation contains the following collections of 
information: (1) A fiduciary adviser must furnish an initial disclosure 
that provides detailed information to participants about an advice 
arrangement before initially providing investment advice; (2) a 
fiduciary adviser must engage, at least annually, an independent 
auditor to conduct an audit of the investment advice arrangement for 
compliance with the regulation; (3) if the fiduciary adviser provides 
the investment advice through the use of a computer model, the 
fiduciary adviser must obtain the written certification of an eligible 
investment expert as to the computer model's compliance with certain 
standards (e.g., applies generally accepted investment theories, 
unbiased operation, objective criteria) set forth in the regulation 
before providing the advice; and (4) fiduciary advisers must maintain 
records with respect to the investment advice provided in reliance on 
the regulation necessary to determine whether the applicable 
requirements of the regulation have been satisfied. For additional 
substantive information about this ICR, see the related notice 
published in the Federal Register on October 20, 2020 (85 FR 66580).
    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 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 
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
    DOL seeks PRA authorization for this information collection for 
three (3) years. OMB authorization for an ICR cannot be for more than 
three (3) years without renewal. The DOL notes that information 
collection requirements submitted to the OMB for existing ICRs receive 
a month-to-month extension while they undergo review.
    Agency: DOL-EBSA.
    Title of Collection: Investment Advice Participants and 
Beneficiaries.
    OMB Control Number: 1210-0134.
    Affected Public: Private Sector-- Businesses or other for-profits.
    Total Estimated Number of Respondents: 11,396.
    Total Estimated Number of Responses: 23,033,030.
    Total Estimated Annual Time Burden: 2,423,391 hours.
    Total Estimated Annual Other Costs Burden: $318,912,816.

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

    Dated: January 28, 2021.
Mara Blumenthal,
Senior PRA Analyst.
[FR Doc. 2021-02327 Filed 2-3-21; 8:45 am]
BILLING CODE 4510-29-P