[Federal Register Volume 88, Number 134 (Friday, July 14, 2023)]
[Notices]
[Page 45247]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-14908]



[[Page 45247]]

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DEPARTMENT OF LABOR


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Prohibited Transaction Class Exemption 1985-68 
To Permit Employee Benefit Plans To Invest in Customer Notes of 
Employers

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 August 14, 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) 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; (3) ways to enhance the quality, 
utility and clarity of the information collection; and (4) 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: Nicole Bouchet by telephone at 202-
693-0213, or by email at [email protected].

SUPPLEMENTARY INFORMATION: This class exemption, which was granted on 
April 3, 1985, and replaced Prohibited Transaction Exemption 79-9, 
describes the conditions under which a plan is permitted to acquire 
customer notes accepted by an employer of employees covered by the plan 
in the ordinary course of the employer's business activity and thus be 
exempt from the prohibited transaction restrictions, provided that the 
conditions of the exemption are met. The class exemption covers sales 
as well as contributions of customer notes by an employer to its plan. 
The customer notes must have been accepted by the employer in its 
primary business activity as the seller of tangible personal property 
that is being financed by the notes, so that the exemption does not 
apply to notes of an employer's affiliate. For additional substantive 
information about this ICR, see the related notice published in the 
Federal Register on February 8, 2023 (88 FR 8317).
    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 Class Exemption 1985-68 
to Permit Employee Benefit Plans to Invest in Customer Notes of 
Employers.
    OMB Control Number: 1210-0094.
    Affected Public: Private Sector--Businesses or other for-profits; 
Not-for-profit institutions.
    Total Estimated Number of Respondents: 1.
    Total Estimated Number of Responses: 1.
    Total Estimated Annual Time Burden: 1 hour.
    Total Estimated Annual Other Costs Burden: $0.

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

Nicole Bouchet,
Senior PRA Analyst.
[FR Doc. 2023-14908 Filed 7-13-23; 8:45 am]
BILLING CODE 4510-26-P