17986 Federal Register / Vol. 74, No. 74 / Monday, April 20, 2009 / Notices 

plan fiduciary and provide the plan 

with an opportunity to withdraw from 

the program. For Large Accounts, prior 

to the cross-trade, the Manager must 

provide information about the crosstrading program and obtain written 

authorization from the fiduciary of a 

Large Account to engage in cross-trading 

in connection with a portfolio 

restructuring program. Following 

completion of the Large Account’s 

restructuring, information must be 

provided by the Manager about all 

cross-trades executed in connection 

with a portfolio-restructuring program. 

Finally, the exemption requires that 

Managers maintain for a period of 6 

years from the date of each cross-trade 

the records necessary to enable plan 

fiduciaries and certain other persons 

specified in the exemption (e.g., 

Department representatives or 

contributing employers), to determine 

whether the conditions of the 

exemption have been met. 

EBSA previously submitted the 

information collection provisions of 

PTE 2002–12 to the Office of 

Management and Budget (OMB) for 

review in connection with promulgation 

of the prohibited transaction exemption. 

OMB approved the information 

collection request (ICR) under OMB 

Control No. 1210–0115. The ICR 

approval is currently scheduled to 

expire on August 31, 2009. 

II. Desired Focus of Comments 

The Department of Labor 

(Department) is particularly interested 

in comments that: 

• Provide information related to the 

number of entities offering Index and 

Model-Driven Funds and their client 

plans, and the number of Large 

Accounts that may make use of the 

exemption; 

• Evaluate whether the proposed 

collection of information is necessary 

for the proper performance of the 

functions of the Department, including 

whether the information will have 

practical utility; 

• Evaluate the accuracy of the 

Department’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 submissions 

of responses. 

III. Current Actions 

This notice requests comments on an 

extension of the information collections 

in PTE 2002–12. After considering 

comments received in response to this 

notice, the Department intends to 

submit the ICR to OMB for continuing 

approval. Extension of the information 

collection provision of the exemption is 

important because, without the 

disclosures and recordkeeping provided 

for in the exemption, participants’ and 

beneficiaries’ investments in a pension 

plan might not be adequately protected. 

In addition, Managers that cross trade 

securities among Funds or cross trade 

securities in connection with the 

restructuring of a portfolio of a Large 

Account would be subject to statutorily 

imposed sanctions under ERISA. Lastly, 

the exemption provides a benefit to 

plans and participants through savings 

that result from index/model crosstrading. No change to the existing ICR 

is being proposed or made at this time. 

A summary of the ICR and the current 

burden estimates follows: 

Agency: Employee Benefits Security 

Administration, Department of Labor. 

Title: Prohibited Transaction Class 

Exemption 2002–12, Cross-Trades of 

Securities by Index and Model-Driven 

Funds. 

Type of Review: Extension of a 

currently approved collection of 

information. 

OMB Number: 1210–0115. 

Affected Public: Individuals or 

households; Business or other for-profit; 

Not-for-profit institutions. 

Respondents: 60. 

Responses: 960. 

Estimated Total Burden Hours: 855. 

Comments submitted in response to 

this notice will be summarized and/or 

included in the ICR submitted to OMB 

for approval; they will also become a 

matter of public record. 

Dated: April 13, 2009. 

Joseph S. Piacentini, 

Director, Office of Policy and Research, 

Employee Benefits Security Administration. 

[FR Doc. E9–8904 Filed 4–17–09; 8:45 am] 

BILLING CODE 4510–29–P 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

Proposed Extension of Information 

Collection; Comment Request; 

Prohibited Transaction Exemption 97– 

41, Collective Investment Funds 

Conversion Transactions 

AGENCY: Employee Benefits Security 

Administration, Department of Labor. 

ACTION: Notice. 

SUMMARY: The Department of Labor, as 

part of its continuing effort to reduce 

paperwork and respondent burden, 

conducts a preclearance consultation 

program to provide the general public 

and Federal agencies with an 

opportunity to comment on proposed 

and continuing collections of 

information in accordance with the 

Paperwork Reduction Act of 1995 (PRA 

95). This program helps to ensure that 

the Department can properly assess the 

impact of its information collection 

requirements on respondents and 

minimize the reporting burden (in both 

time and financial resources) on the 

public and that the public can clearly 

understand the Department’s 

information collection instruments and 

provide the requested data in the 

desired format. Currently, the Employee 

Benefits Security Administration 

(EBSA) is soliciting comments on a 

proposed extension of the information 

collection provisions of Prohibited 

Transaction Class Exemption 97–41, 

Collective Investment Funds Conversion 

Transactions. A copy of the Information 

Collection Request (ICR) may be 

obtained by contacting the office listed 

in the ADDRESSES section of this notice. 

DATES: Written comments must be 

submitted to the office shown in the 

ADDRESSES section below on or before 

June 19, 2009. 

ADDRESSES: Direct all written comments 

to G. Christopher Cosby Lahne, Office of 

Policy and Research, Employee Benefits 

Security Administration, U.S. 

Department of Labor, 200 Constitution 

Avenue, NW., Room N–5718, 

Washington, DC 20210, (202) 693–8410, 

FAX (202) 219–4745 (the foregoing are 

not toll-free numbers). Comments may 

also be submitted electronically to the 

following Internet e-mail address: 

ebsa.opr@dol.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background 

Prohibited Transaction Exemption 

(PTE) 97–41 provides an exemption 

from the prohibited transaction 

provisions of the Employment 


rmajette on PRODPC74 with NOTICES
Federal Register / Vol. 74, No. 74 / Monday, April 20, 2009 / Notices 17987 

Retirement Income Security Act of 1974 

(ERISA) and from certain taxes imposed 

by the Internal Revenue Code of 1986. 

The exemption permits employee 

benefit plans to purchase shares of one 

or more open-end investment 

companies (funds) registered under the 

Investment Advisers Act of 1940 by 

transferring in-kind, to the investment 

company, assets of the plan that are part 

of a collective investment fund (CIF) 

maintained by a bank or plan advisor 

that is both a fiduciary of the plan and 

an investment advisor to the investment 

company offering the fund. 

The exemption requires that an 

independent fiduciary receive advance 

written notice of any covered 

transaction, as well as specific written 

information concerning the mutual 

funds to be purchased. The independent 

fiduciary must also provide written 

advance approval of conversion 

transactions and receive written 

confirmation of each transaction, as well 

as additional on-going disclosures as 

defined in PTE 97–41. These disclosures 

are the basis for this ICR. 

EBSA previously submitted the 

information collection provisions of 

PTE 2002–12 to the Office of 

Management and Budget (OMB) for 

review in connection with promulgation 

of the prohibited transaction exemption. 

OMB approved the information 

collection request (ICR) under OMB 

Control No. 1210–0115. The ICR 

approval is currently scheduled to 

expire on June 30, 2009. 

II. Desired Focus of Comments 

The Department 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. 

III. Current Action 

This notice requests comments on the 

extension of the ICR included in PTE 

97–41. The Department is not proposing 

or implementing changes to the existing 

ICR at this time. The following 

summarizes the ICR and the current 

burden estimates: 

Type of Review: Extension of a 

currently approved collection of 

information. 

Agency: Employee Benefits Security 

Administration, Department of Labor. 

Titles: Prohibited Transaction Class 

Exemption 97–41, Collective Investment 

Funds Conversion Transactions. 

OMB Number: 1210–0104. 

Affected Public: Individuals or 

households; Business or other for-profit; 

Not-for-profit institutions. 

Estimated Total Burden Hours: 1,756. 

Respondents: 105. 

Frequency of Response: On occasion. 

Responses: 105. 

Total Burden Cost (Operating and 

Maintenance): $282,000. 

Comments submitted in response to 

this notice will be summarized and/or 

included in the request for OMB 

approval of the ICR; they will also 

become a matter of public record. 

Dated: April 13, 2009. 

Joseph S. Piacentini, 

Director, Office of Policy and Research, 

Employee Benefits Security Administration. 

[FR Doc. E9–8908 Filed 4–17–09; 8:45 am] 

BILLING CODE 4510–20–P 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

Proposed Extension of Information 

Collection; Comment Request; 

Prohibited Transaction Class 

Exemption 2004–07, Transactions With 

Trust REIT Shares 

AGENCY: Employee Benefits Security 

Administration, Department of Labor. 

ACTION: Notice. 

SUMMARY: The Department of Labor (the 

Department), as part of its continuing 

effort to reduce paperwork and 

respondent burden, conducts a 

preclearance consultation program to 

provide the general public and Federal 

agencies with an opportunity to 

comment on proposed and continuing 

collections of information in accordance 

with the Paperwork Reduction Act of 

1995 (PRA 95) (44 U.S.C. 3506(c)(2)(A)). 

This helps to ensure that the 

Department can properly assess the 

impact of its information collection 

requirements on respondents and 

minimize the reporting burden (in both 

time and financial resources) on the 

public and that the public can clearly 

understand the Department’s collection 

instruments and provide the requested 

data in the desired format. Currently, 

the Employee Benefits Security 

Administration (EBSA) is soliciting 

comments on a proposed extension of 

the information collection provisions in 

Prohibited Transaction Class Exemption 

(PTE) 2004–07, which concerns publicly 

traded shares of beneficial interest in 

real estate investment trusts structured 

under State law as business trusts. A 

copy of the information collection 

request (ICR) may be obtained by 

contacting the office listed in the 

ADDRESSES section of this notice. 

DATES: Written comments must be 

submitted on or before June 19, 2009. 

ADDRESSES: Direct all written comments 

to G. Christopher Cosby, Office of Policy 

and Research, Employee Benefits 

Security Administration, U.S. 

Department of Labor, 200 Constitution 

Avenue, NW., Room N–5647, 

Washington, DC 20210. Telephone: 

(202) 693–8410; Fax: (202) 219–4745. 

These are not toll-free numbers. 

Comments may also be submitted 

electronically to the following Internet 

e-mail address: ebsa.opr@dol.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background 

PTE 2004–07 exempts from certain 

prohibited transaction restrictions of the 

Employee Retirement Income Security 

Act of 1974 (ERISA) and from certain 

taxes imposed by the Internal Revenue 

Code of 1986 (the Code), the acquisition, 

holding, sale, and contribution in kind 

of publicly traded shares of beneficial 

interest in a real estate investment trust 

that is structured under State law as a 

business trust (Trust REIT), on behalf of 

and to individual account plans 

sponsored by the REIT or its affiliates, 

provided that certain conditions are 

met. 

The exemption allows individual 

account plans (Plans) established by 

Trust REITs to offer a beneficial interest 

in the Trust REIT in the form of 

Qualifying REIT Shares, as defined in 

the exemption, to participants in Plans 

sponsored by the REIT or its employer 

affiliates, to require that employer 

contributions be used to purchase such 

shares, and to permit ‘‘contributions in 

kind’’ of such shares to these Plans by 

employers. 

The exemption conditions relief on 

compliance with a number of 

information collection requirements. 

These information collections are to be 

provided or made available to plan 


rmajette on PRODPC74 with NOTICES