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[Federal Register Volume 76, Number 70 (Tuesday, April 12, 2011)]
[Notices]
[Pages 20372-20373]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-8618]

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DEPARTMENT OF LABOR

Office of the Secretary

Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Extension of Employee Retirement Income 
Security Act Prohibited Transaction Exemption 98-54 Relating to Certain 
Employee Benefit Plan Foreign Exchange Transactions Executed Pursuant 
to Standing Instructions

ACTION: Notice.

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SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration sponsored information collection 
request (ICR) titled, ``Prohibited Transaction Exemption 98-54 Relating 
to Certain Employee Benefit Plan Foreign Exchange Transactions Executed 
Pursuant to Standing Instructions,'' to the Office of Management and 
Budget (OMB) for review and approval for continued use in accordance 
with the Paperwork Reduction Act of 1995 (Pub. L. 104-13, 44 U.S.C. 
chapter 35).

DATES: Submit comments on or before May 12, 2011.

[[Page 20373]]

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 from the RegInfo.gov Web site, http://www.reginfo.gov/public/do/PRAMain, on the day following publication of this notice or by 
contacting Michel Smyth by telephone at 202-693-4129 (this is not a 
toll-free number) or sending an e-mail to [email protected].
    Submit comments about this request to the Office of Information and 
Regulatory Affairs, Attn: OMB Desk Officer for the Department of Labor 
Employee Benefits Security Administration (EBSA), Office of Management 
and Budget, Room 10235, Washington, DC 20503, Telephone: 202-395-6929/
Fax: 202-395-6881 (these are not toll-free numbers), e-mail: [email protected].

FOR FURTHER INFORMATION CONTACT: Contact Michel Smyth by telephone at 
202-693-4129 (this is not a toll-free number) or by e-mail at [email protected].

SUPPLEMENTARY INFORMATION: Prohibited Transaction Exemption 98-54 
permits certain foreign exchange transactions between employee benefit 
plans and certain banks and broker-dealers that are parties in interest 
with respect to such plans. In order that such transactions will be 
consistent with the requirements of Employee Retirement Income Security 
Act section 408(a), 29 U.S.C. 110/(a), the exemption imposes the 
following conditions at the time the foreign exchange transaction is 
entered into: (a) The terms of the transaction must not be less 
favorable that those available in comparable arm's-length transactions 
between unrelated parties or those afforded by the bank or the broker-
dealer in comparable arm's-length transactions involving unrelated 
parties; (b) neither the bank nor the broker-dealer has any 
discretionary authority with respect to the investment of the assets 
involved in the transaction; (c) the bank or broker-dealer maintains at 
all times written policies and procedures regarding the handling of 
foreign exchange transactions for plans for which it is a party in 
interest which ensure that the party acting for the bank or the broker-
dealer knows it is dealing with a plan; (d) the transactions are 
performed in accordance with a written authorization executed in 
advance by an independent fiduciary of the plan whose assets are 
involved in the transaction and who is independent of the bank or 
broker-dealer engaging in the covered transaction; (e) transactions are 
executed within one business day of receipt of funds; (f) the bank or 
the broker-dealer at least once a day at a time specified in written 
procedures establishes a rate or range of rates of exchange to be used 
for the transactions covered by this exemption, and executes 
transactions at either the next scheduled time or no later than 24 
hours after receipt of notice of receipt of funds; (g) prior to 
execution of a transaction, the bank or the broker-dealer provides the 
authorizing fiduciary with a copy of its written policies and 
procedures for foreign exchange transactions involving income item 
conversions and de minimis purchase and sale transactions; (h) the bank 
or the broker-dealer furnishes the authorizing fiduciary a written 
confirmation statement with respect to each covered transaction within 
5 days of execution; (i) the bank or the broker-dealer maintains 
records necessary for plan fiduciaries, participants, and the DOL and 
Internal Revenue Service to determine whether the conditions of the 
exemption have been met for a period of six years from the date of 
execution of a transaction. See 63 FR 63503.
    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 it is approved by the OMB under the PRA 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 if the 
collection of information does not display a valid OMB control number. 
See 5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this 
information collection under OMB Control Number 1210-0111. The current 
OMB approval is scheduled to expire on April 30, 2011; however, it 
should be noted that information collections submitted to the OMB 
receive a month-to-month extension while they undergo review. For 
additional information, see the related notice published in the Federal 
Register on November 10, 2010 (75 FR 69130).
    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 30 days of publication of this notice in 
the Federal Register. In order to ensure appropriate consideration, 
comments should reference OMB Control Number 1210-0111. 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: Employee Benefits Security Administration (EBSA).
    Title of Collection: Prohibited Transaction Exemption 98-54 
Relating to Certain Employee Benefit Plan Foreign Exchange Transactions 
Executed Pursuant to Standing Instructions.
    OMB Control Number: 1210-0111.
    Affected Public: Private sector--Businesses or other for profits.
    Total Estimated Number of Respondents: 35.
    Total Estimated Number of Responses: 420,000.
    Total Estimated Annual Burden Hours: 4200.
    Total Estimated Annual Costs Burden: $0.

    Dated: April 5, 2011.
Michel Smyth,
Departmental Clearance Officer.
[FR Doc. 2011-8618 Filed 4-11-11; 8:45 am]
BILLING CODE 4510-29-P
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