[Federal Register Volume 87, Number 239 (Wednesday, December 14, 2022)]
[Notices]
[Pages 76511-76512]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27075]


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DEPARTMENT OF LABOR


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 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 January 13, 2023.

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 Statutory Exemption for Cross-Trading of 
Securities regulation 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 Pension 
Protection Act of 2006 (the PPA). The statutory exemption exempts from 
the prohibitions of sections 406(a)(1)(A) and 406(b)(2) of ERISA

[[Page 76512]]

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. The information collection 
requirements of the regulation are third-party disclosures to plan 
fiduciaries involving the development and initial disclosure of written 
policies and procedures pertaining to an investment manager's cross-
trading program under the statutory exemption for cross-trading. For 
additional substantive information about this ICR, see the related 
notice published in the Federal Register on July 22, 2022 (87 FR 
43897).
    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: Statutory Exemption for Cross-Trading of 
Securities.
    OMB Control Number: 1210-0130.
    Affected Public: Private Sector-- Businesses or other for-profits 
and not-for-profit institutions.
    Total Estimated Number of Respondents: 271.
    Total Estimated Number of Responses: 2,439.
    Total Estimated Annual Time Burden: 2,832 hours.
    Total Estimated Annual Other Costs Burden: $15,854.

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

     Dated: December 8, 2022.
Mara Blumenthal,
Senior PRA Analyst.
[FR Doc. 2022-27075 Filed 12-13-22; 8:45 am]
BILLING CODE 4510-29-P