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###### Department of Labor

###### Office of the Secretary 

# ACTION:

Notice.

# 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. 

      ( print 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                         *DOL_PRA_PUBLIC@dol.gov*.                     

                        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: OIRA_submission@omb.eop.gov.*

# 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                         *DOL_PRA_PUBLIC@dol.gov.*

# 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