81 FR 48848 - Agency Information Collection Activities; Submission for OMB Review; Comment Request; Statutory Exemption for Cross-Trading of Securities
DEPARTMENT OF LABOR
Office of the Secretary Federal Register Volume 81, Issue 143 (July 26, 2016)
Office of the Secretary
Federal Register Volume 81, Issue 143 (July 26, 2016)
| Page Range | 48848-48849 | |
| FR Document | 2016-17555 |
[Federal Register Volume 81, Number 143 (Tuesday, July 26, 2016)] [Notices] [Pages 48848-48849] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-17555] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF LABOR Office of the Secretary Agency Information Collection Activities; Submission for OMB Review; Comment Request; Statutory Exemption for Cross-Trading of Securities ACTION: Notice. ----------------------------------------------------------------------- SUMMARY: The Department of Labor (DOL) is submitting the Employee Benefits Security Administration (EBSA) sponsored information collection request (ICR) titled, ``Statutory Exemption for Cross- Trading of Securities,'' to the Office of Management and Budget (OMB) for review and approval for continued use, without change, in accordance with the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq. Public comments on the ICR are invited. DATES: The OMB will consider all written comments that agency receives on or before August 25, 2016. 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 free of charge from the RegInfo.gov Web site at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201605-1210-005 (this link will only become active on the day following publication of this notice) or by contacting Michel Smyth by telephone at 202-693-4129, TTY 202-693-8064, (these are not toll-free numbers) or by email at [email protected]. Submit comments about this request by mail or courier to the Office of Information and Regulatory Affairs, Attn: OMB Desk Officer for DOL- EBSA, Office of Management and Budget, Room 10235, 725 17th Street, NW., Washington, DC 20503; by Fax: 202-395-5806 (this is not a toll- free number); or by email: [email protected]. Commenters are encouraged, but not required, to send a courtesy copy of any comments by mail or courier to the U.S. Department of Labor-OASAM, Office of the Chief Information Officer, Attn: Departmental Information Compliance Management Program, Room N1301, 200 Constitution Avenue, NW., Washington, DC 20210; or by email: [email protected]. FOR FURTHER INFORMATION CONTACT: Michel Smyth by telephone at 202-693- 4129, TTY 202-693-8064, (these are not toll-free numbers) or by email at [email protected]. Authority: 44 U.S.C. 3507(a)(1)(D). SUPPLEMENTARY INFORMATION: This ICR seeks to extend PRA authority for the Statutory Exemption for Cross-Trading of Securities information collection requirements codified in regulations 29 CFR 2550.408b-19 that implements the content requirements for written cross-trading policies and procedures required under Employee Retirement Income Security Act of 1974 (ERISA) section 408(b)(19)(H). ERISA section 408(b)(19) exempts cross-trading transactions involving the purchase and sale of a security between an account holding assets of a pension plan and any other account managed by the same investment manager from ERISA sections 406(a)(1)(A) and 406(b)(2) prohibitions, provided that certain conditions are satisfied. Regulations 29 CFR 2550.408b-19 provides that policies and procedures for cross-trading under the statutory exemption must: (1) be written in a manner calculated to be understood by the plan fiduciary authorizing cross-trading, (2) be sufficiently detailed to facilitate a periodic review of all cross-trades by a compliance officer designated by the investment manager and a determination by the compliance officer that the cross-trades comply with the investment manager's written cross-trading policies and procedures, and (3) include, at a minimum: (A) a statement of general policy describing the criteria that will be applied by the investment manager in determining whether execution of a securities transaction as a cross-trade will be beneficial to both parties to the transaction; (B) a description of how the investment manager will determine the price at which the securities are cross- traded, in a manner that is consistent with 17 CFR 270.17a-7(b) and Securities and Exchange Commission interpretations thereunder, including the identity of sources used to establish the price; (C) a description of how the investment manager's policies and procedures will mitigate any potentially conflicting division of loyalties and responsibilities to the parties involved in any cross-trade transaction; (D) a requirement that the investment manager allocate cross-trades among accounts participating in the cross-trading program in an objective and equitable manner and a description of the policies and procedures that will be used; (E) the identity of the compliance officer responsible for reviewing the investment manager's compliance with ERISA section 408(b)(19) and its written cross-trading policies and procedures and the compliance officer's qualifications for this position; (F) the steps to be performed by the compliance officer during its periodic review of the investment manager's purchases and sales of securities to ensure compliance with the written cross-trading policies and procedures; and (G) a description of the procedures by which the compliance officer will determine whether the requirements of section 408(b)(19) are met. Pension Protection Act section 611(g) authorizes this information collection. See Public Law 109-280 section 611(g)(3). 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 that does not display a valid Control Number. See 5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this information collection under Control Number 1210-0130. OMB authorization for an ICR cannot be for more than three (3) years without renewal, and the current approval for this collection is scheduled to expire on July 31, 2016. The DOL seeks to extend PRA authorization for this information collection for three (3) more years, without any change to existing requirements. The DOL notes that existing information collection requirements submitted to the OMB receive a month-to-month extension while they undergo review. For additional substantive information about this ICR, see the related notice published in the Federal Register on November 23, 2015 (80 FR 72990). 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 thirty (30) days of publication of this notice in the Federal Register. In order to help ensure appropriate consideration, comments should mention OMB Control Number 1210-0130. The OMB is particularly interested in comments that: [[Page 48849]]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: DOL-EBSA. Title of Collection: Statutory Exemption for Cross-Trading of Securities. OMB Control Number: 1210-0130. Affected Public: Private Sector--businesses or other for-profits and not-for-profit institutions. Total Estimated Number of Respondents: 319. Total Estimated Number of Responses: 2,870. Total Estimated Annual Time Burden: 3,333 hours. Total Estimated Annual Other Costs Burden: $14,000. Dated: July 18, 2016. Michel Smyth, Departmental Clearance Officer. [FR Doc. 2016-17555 Filed 7-25-16; 8:45 am] BILLING CODE 4510-29-P
![48848 Federal Register / Vol. 81, No. 143 / Tuesday, July 26, 2016 / Notices
Dated: July 21, 2016. 200 Constitution Avenue, NW., description of the policies and
Jerri Murray, Washington, DC 20210; or by email: procedures that will be used; (E) the
Department Clearance Officer for PRA, U.S. DOL_PRA_PUBLIC@dol.gov. identity of the compliance officer
Department of Justice. FOR FURTHER INFORMATION CONTACT: responsible for reviewing the
[FR Doc. 2016–17616 Filed 7–25–16; 8:45 am] Michel Smyth by telephone at 202–693– investment manager’s compliance with
BILLING CODE 4410–FY–P 4129, TTY 202–693–8064, (these are not ERISA section 408(b)(19) and its written
toll-free numbers) or by email at DOL_ cross-trading policies and procedures
PRA_PUBLIC@dol.gov. and the compliance officer’s
DEPARTMENT OF LABOR Authority: 44 U.S.C. 3507(a)(1)(D). qualifications for this position; (F) the
steps to be performed by the compliance
SUPPLEMENTARY INFORMATION: This ICR
Office of the Secretary officer during its periodic review of the
seeks to extend PRA authority for the
Statutory Exemption for Cross-Trading investment manager’s purchases and
Agency Information Collection sales of securities to ensure compliance
Activities; Submission for OMB of Securities information collection
requirements codified in regulations 29 with the written cross-trading policies
Review; Comment Request; Statutory and procedures; and (G) a description of
Exemption for Cross-Trading of CFR 2550.408b–19 that implements the
content requirements for written cross- the procedures by which the
Securities compliance officer will determine
trading policies and procedures
ACTION: Notice. required under Employee Retirement whether the requirements of section
Income Security Act of 1974 (ERISA) 408(b)(19) are met. Pension Protection
SUMMARY: The Department of Labor section 408(b)(19)(H). ERISA section Act section 611(g) authorizes this
(DOL) is submitting the Employee 408(b)(19) exempts cross-trading information collection. See Public Law
Benefits Security Administration transactions involving the purchase and 109–280 section 611(g)(3).
(EBSA) sponsored information sale of a security between an account This information collection is subject
collection request (ICR) titled, holding assets of a pension plan and any to the PRA. A Federal agency generally
‘‘Statutory Exemption for Cross-Trading other account managed by the same cannot conduct or sponsor a collection
of Securities,’’ to the Office of investment manager from ERISA of information, and the public is
Management and Budget (OMB) for sections 406(a)(1)(A) and 406(b)(2) generally not required to respond to an
review and approval for continued use, prohibitions, provided that certain information collection, unless it is
without change, in accordance with the conditions are satisfied. approved by the OMB under the PRA
Paperwork Reduction Act of 1995 Regulations 29 CFR 2550.408b–19 and displays a currently valid OMB
(PRA), 44 U.S.C. 3501 et seq. Public provides that policies and procedures Control Number. In addition,
comments on the ICR are invited. for cross-trading under the statutory notwithstanding any other provisions of
DATES: The OMB will consider all exemption must: (1) be written in a law, no person shall generally be subject
written comments that agency receives manner calculated to be understood by to penalty for failing to comply with a
on or before August 25, 2016. the plan fiduciary authorizing cross- collection of information that does not
ADDRESSES: A copy of this ICR with trading, (2) be sufficiently detailed to display a valid Control Number. See 5
applicable supporting documentation; facilitate a periodic review of all cross- CFR 1320.5(a) and 1320.6. The DOL
including a description of the likely trades by a compliance officer obtains OMB approval for this
respondents, proposed frequency of designated by the investment manager information collection under Control
response, and estimated total burden and a determination by the compliance Number 1210–0130.
may be obtained free of charge from the officer that the cross-trades comply with OMB authorization for an ICR cannot
RegInfo.gov Web site at http:// the investment manager’s written cross- be for more than three (3) years without
www.reginfo.gov/public/do/ trading policies and procedures, and (3) renewal, and the current approval for
PRAViewICR?ref_nbr=201605–1210–005 include, at a minimum: (A) a statement this collection is scheduled to expire on
(this link will only become active on the of general policy describing the criteria July 31, 2016. The DOL seeks to extend
day following publication of this notice) that will be applied by the investment PRA authorization for this information
or by contacting Michel Smyth by manager in determining whether collection for three (3) more years,
telephone at 202–693–4129, TTY 202– execution of a securities transaction as without any change to existing
693–8064, (these are not toll-free a cross-trade will be beneficial to both requirements. The DOL notes that
numbers) or by email at DOL_PRA_ parties to the transaction; (B) a existing information collection
PUBLIC@dol.gov. description of how the investment requirements submitted to the OMB
Submit comments about this request manager will determine the price at receive a month-to-month extension
by mail or courier to the Office of which the securities are cross-traded, in while they undergo review. For
Information and Regulatory Affairs, a manner that is consistent with 17 CFR additional substantive information
Attn: OMB Desk Officer for DOL–EBSA, 270.17a–7(b) and Securities and about this ICR, see the related notice
Office of Management and Budget, Exchange Commission interpretations published in the Federal Register on
Room 10235, 725 17th Street, NW., thereunder, including the identity of November 23, 2015 (80 FR 72990).
Washington, DC 20503; by Fax: 202– sources used to establish the price; (C) Interested parties are encouraged to
395–5806 (this is not a toll-free a description of how the investment send comments to the OMB, Office of
number); or by email: OIRA_ manager’s policies and procedures will Information and Regulatory Affairs at
submission@omb.eop.gov. Commenters mitigate any potentially conflicting the address shown in the ADDRESSES
srobinson on DSK5SPTVN1PROD with NOTICES
are encouraged, but not required, to division of loyalties and responsibilities section within thirty (30) days of
send a courtesy copy of any comments to the parties involved in any cross- publication of this notice in the Federal
by mail or courier to the U.S. trade transaction; (D) a requirement that Register. In order to help ensure
Department of Labor-OASAM, Office of the investment manager allocate cross- appropriate consideration, comments
the Chief Information Officer, Attn: trades among accounts participating in should mention OMB Control Number
Departmental Information Compliance the cross-trading program in an 1210–0130. The OMB is particularly
Management Program, Room N1301, objective and equitable manner and a interested in comments that:
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![Federal Register / Vol. 81, No. 143 / Tuesday, July 26, 2016 / Notices 48849
• Evaluate whether the proposed financial resources) is minimized, characteristics, such as age, sex, race,
collection of information is necessary collection instruments are clearly ethnicity, employment status, earnings,
for the proper performance of the understood, and the impact of collection and education?
functions of the agency, including requirements on respondents can be • How much time do parents spend
whether the information will have properly assessed. The Bureau of Labor in the company of their children, either
practical utility; Statistics (BLS) is soliciting comments actively providing care or being with
• Evaluate the accuracy of the concerning the proposed extension of them while socializing, relaxing, or
agency’s estimate of the burden of the the ‘‘American Time Use Survey.’’ A doing other things?
proposed collection of information, copy of the proposed information • How are earnings related to leisure
including the validity of the collection request (ICR) can be obtained time—do those with higher earnings
methodology and assumptions used; by contacting the individual listed spend more or less time relaxing and
• Enhance the quality, utility, and below in the Addresses section of this socializing?
clarity of the information to be notice. • How much time do people spend
collected; and DATES: Written comments must be working at their workplaces and in their
• Minimize the burden of the submitted to the office listed in the homes?
collection of information on those who Addresses section of this notice on or The ATUS data are collected on an
are to respond, including through the before September 26, 2016. ongoing, monthly basis, allowing
use of appropriate automated, ADDRESSES: Send comments to Erin analysts to identify changes in how
electronic, mechanical, or other Good, BLS Clearance Officer, Division people spend their time.
technological collection techniques or of Management Systems, Bureau of
other forms of information technology, II. Current Action
Labor Statistics, Room 4080, 2
e.g., permitting electronic submission of Massachusetts Avenue NE., Office of Management and Budget
responses. Washington, DC 20212. Written clearance is being sought for the
Agency: DOL–EBSA. comments also may be transmitted by American Time Use Survey.
Title of Collection: Statutory fax to 202–691–5111 (this is not a toll This survey collects information on
Exemption for Cross-Trading of free number). how individuals in the United States
Securities. use their time. Collection is done on a
FOR FURTHER INFORMATION CONTACT: Erin
OMB Control Number: 1210–0130. continuous basis with the sample drawn
Affected Public: Private Sector— Good, BLS Clearance Officer, at 202–
691–7763 (this is not a toll free number). monthly. The survey sample is drawn
businesses or other for-profits and not-
(See ADDRESSES section.) from households completing their 8th
for-profit institutions.
SUPPLEMENTARY INFORMATION: month of interviews for the Current
Total Estimated Number of
Population Survey (CPS). Households
Respondents: 319. I. Background are selected to ensure a nationally-
Total Estimated Number of
The ATUS is the Nation’s first representative demographic sample, and
Responses: 2,870.
federally administered, continuous one individual from each household is
Total Estimated Annual Time Burden:
survey on time use in the United States. selected to take part in one Computer
3,333 hours.
Total Estimated Annual Other Costs It measures, for example, time spent Assisted Telephone Interview.
Burden: $14,000. with children, working, sleeping, or Interviewers ask respondents to report
doing leisure activities. In the United all of their activities for one pre-
Dated: July 18, 2016. assigned 24-hour day, the day prior to
States, several existing Federal surveys
Michel Smyth, collect income and wage data for the interview. A short series of summary
Departmental Clearance Officer. individuals and families, and analysts questions and CPS updates follows the
[FR Doc. 2016–17555 Filed 7–25–16; 8:45 am] often use such measures of material core time diary collection. After each
BILLING CODE 4510–29–P prosperity as proxies for quality of life. full year of collection, annual national
Time-use data substantially augment estimates of time use for an average day,
these quality-of-life measures. The data weekday, and weekend day are
DEPARTMENT OF LABOR also can be used in conjunction with available.
wage data to evaluate the contribution Because the ATUS sample is a subset
Bureau of Labor Statistics of non-market work to national of households completing interviews for
economies. This enables comparisons of the CPS, the same demographic
Proposed Collection, Comment
production between nations that have information collected from that survey
Request
different mixes of market and non- is available for ATUS respondents.
ACTION: Notice. market activities. Comparisons of activity patterns across
The ATUS develops nationally characteristics such as sex, race, age,
SUMMARY: The Department of Labor, as representative estimates of how people disability status, and education of the
part of its continuing effort to reduce spend their time. Respondents also respondent, as well as the presence of
paperwork and respondent burden, report who was with them during children and the number of adults living
conducts a pre-clearance consultation activities, where they were, how long in the respondent’s household, are
program to provide the general public each activity lasted, and if they were possible.
and Federal agencies with an paid. All of this information has III. Desired Focus of Comments
opportunity to comment on proposed numerous practical applications for
srobinson on DSK5SPTVN1PROD with NOTICES
and/or continuing collections of sociologists, economists, educators, The Bureau of Labor Statistics is
information in accordance with the government policymakers, particularly interested in comments
Paperwork Reduction Act of 1995 businesspersons, health researchers, and that:
(PRA95) [44 U.S.C. 3506(c) (2)(A)]. This others, answering the following • Evaluate whether the proposed
program helps to ensure that requested questions: collection of information is necessary
data can be provided in the desired • Do the ways people use their time for the proper performance of the
format, reporting burden (time and vary across demographic and labor force functions of the agency, including
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Document Created: 2018-02-08 08:01:11
Document Modified: 2018-02-08 08:01:11
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice. | |
| Dates | The OMB will consider all written comments that agency receives on or before August 25, 2016. | |
| Contact | Michel Smyth by telephone at 202-693- 4129, TTY 202-693-8064, (these are not toll-free numbers) or by email at [email protected] | |
| FR Citation | 81 FR 48848 |
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