[Federal Register Volume 85, Number 235 (Monday, December 7, 2020)]
[Notices]
[Page 78872]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26854]


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DEPARTMENT OF LABOR

[Agency Information Collection Activities; Submission for OMB Review; 
Comment Request; Prohibited Transaction Class Exemption 1998-54 
Relating to Certain Employee Benefit Plan Foreign Exchange Transactions 
Executed Pursuant to Standing Instructions


Notice of availability; request for comments.

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 agency receives 
on or before January 6, 2021.

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 (this is not a toll-free number) or by email at 
<a href="/cdn-cgi/l/email-protection#b9fdf6f5e6e9ebf8e6e9ecfbf5f0faf9ddd6d597ded6cf"><span class="__cf_email__" data-cfemail="7c383330232c2e3d232c293e30353f3c181310521b130a">[email protected]</span></a>.

SUPPLEMENTARY INFORMATION: The Employee Retirement Income Security Act 
of 1974 (ERISA), and the Internal Revenue Code (the Code), provide that 
the Secretary of Labor and the Secretary of Treasury, respectively, may 
grant exemptions from certain prohibited transaction provisions under 
ERISA and the Code. Section 408(a) of ERISA authorizes the Secretary of 
Labor to grant administrative exemptions from the restrictions of 
section 406 of ERISA while section 4975(c)(2) of the Code authorizes 
the Secretary of Treasury or his delegate to grant exemptions from the 
prohibitions of section 4975(c)(1). The class exemption that is the 
subject of this submission would permit certain foreign exchange 
transactions between employee benefit plans and certain banks and 
broker-dealers that are parties in interest with respect to such plans. 
For purposes of this exemption, a foreign exchange transaction is the 
exchange of currency of one nation for the currency of another nation. 
For additional substantive information about this ICR, see the related 
notice published in the Federal Register on April 29, 2020 (85 FR 
23856).
    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 1998-54 
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 Time Burden: 4,200.
    Total Estimated Annual Other Costs Burden: $0.

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

    Dated: December 2, 2020.
Anthony May,
Management and Program Analyst.
[FR Doc. 2020-26854 Filed 12-4-20; 8:45 am]
BILLING CODE 4510-29-P


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