[Federal Register Volume 87, Number 160 (Friday, August 19, 2022)]
[Notices]
[Pages 51147-51148]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-17909]


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DEPARTMENT OF LABOR


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Prohibited Transaction Exemption for 
Securities Lending by Employee Benefit Plans

ACTION: Notice of availability; request for comments.

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SUMMARY: The Department of Labor (DOL) is submitting this Employee 
Benefits Security Administration (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 the agency 
receives on or before September 19, 2022.

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: In 1981 and 1982, the Department issued two 
related prohibited transaction class exemptions that permit employee 
benefit plans to lend securities owned by the plans as investments to 
banks and broker-dealers and to make compensation arrangements for 
lending services provided by a plan fiduciary in connection with 
securities loans. In 2006, the Department promulgated a final class 
exemption, PTE 2006-16, which amended and replaced the exemptions 
previously provided under PTE 81-6 and PTE 82-63. The final exemption 
incorporated the exemptions into one renumbered exemption and expanded 
the categories of exempted transactions to include securities lending 
to foreign banks and foreign broker-dealers that are domiciled in 
specified countries and to allow the use of additional forms of 
collateral, all subject to specified conditions outlined in the 
exemption. Among other conditions, the exemption requires a bank or 
broker-dealer that borrows securities from a plan to comply with 
certain recordkeeping and disclosure requirements. For additional 
substantive information about this ICR, see the related notice 
published in the Federal Register on March 17, 2022 (87 FR 15267).
    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: Prohibited Transaction Exemption for 
Securities Lending by Employee Benefit Plans.
    OMB Control Number: 1210-0065.
    Affected Public: Private Sector--Businesses or other for-profits 
and not-for-profit institutions.
    Total Estimated Number of Respondents: 182.
    Total Estimated Number of Responses: 1,820.
    Total Estimated Annual Time Burden: 349 hours.
    Total Estimated Annual Other Costs Burden: $18,191.

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



[[Page 51148]]


    Dated: August 12, 2022.
Mara Blumenthal,
Senior PRA Analyst.
[FR Doc. 2022-17909 Filed 8-18-22; 8:45 am]
BILLING CODE 4510-29-P