PTE 2006-16 (Securities Lending by Employee Benefit Plans)

Forms and Documents

Document	Type	Status	Availability
RE OMB comments on 1210-0065.htm	Supplementary Document	Uploaded 2006-12-22	Available
PTESecuritiesLndgss06.doc	Supporting Statement A	Uploaded 2006-10-23	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
46541	PTE 2006-16 (Securities Lending by Employee Benefit Plans ) - Electronic Disclosures	Other-Prohibited Transaction Class Exemption	New
13376	PTE 2006-16 (Securities Lending by Employee Benefit Plans) - Hardcopy Disclosures	Other-Prohibited Transaction Class Exemption	Modified

ICR Details

OMB Control No: 1210-0065	ICR Reference No: 200609-1210-006
Status: Historical Active	Previous ICR Reference No: 200310-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: PTE 2006-16 (Securities Lending by Employee Benefit Plans)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 12/27/2006
	Date Received in OIRA: 10/31/2006
Terms of Clearance: Approved consistent with changes in email dated 12/22/06.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2009	36 Months From Approved	12/31/2006
Responses	10,000	0	69,565
Time Burden (Hours)	367	0	16,273
Cost Burden (Dollars)	11,200	0	52,000

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Abstract: The Department has combined and amended two related class exemptions (PTE 81-6 and PTE 82-63) and is restating them as a single new class exemption that permits an employee benefit plan to lend securities to certain broker-dealers and banks and to make compensation arrangements for lending services provided by a plan fiduciary in connection with such securities loans. In the absence of this exemption, some aspects of these transactions might be prohibited under Section 406 of ERISA. The Department proposed these changes on October 23, 2003 (68 FR 60715). The final version of this class exemption, scheduled to be published in the Federal Register on or about October 27, 2006, expands the covered transactions to include transactions with specific banks and broker-dealers domiciled in specified foreign countries and modifies the types of collateral that may be used to secure the loans. The PTE includes conditions that constitute information collections under the PRA.

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Authorizing Statute(s): US Code: 29 USC 1108(a) Name of Law: ERISA
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1210-ZA10	Final or interim final rulemaking	71 FR 63786	10/31/2006

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	68 FR 60715	10/23/2003
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
PTE 2006-16 (Securities Lending by Employee Benefit Plans) - Hardcopy Disclosures
PTE 2006-16 (Securities Lending by Employee Benefit Plans ) - Electronic Disclosures

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	10,000	69,565	0	8,047	-67,612	0
Annual Time Burden (Hours)	367	16,273	0	-12	-15,894	0
Annual Cost Burden (Dollars)	11,200	52,000	0	2,632	-43,432	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: This ICR reports revisions to an existing ICR due to program changes and adjustments in connection with finalization of a proposed amendment, combination, and restatement of two existing prohibited transaction class exemptions. The program changes, involving expansion of the entities eligible for the exemptive relief, increase respondents by an additional 40 foreign financial institutions, causing a slight burden increase and resulting in the expansion of the scope of the exemption to include foreign entities in certain specified countries. The adjustments, involving a reduction in the estimated number of domestic (American) respondents that will be affected by the PTE, reduces total respondents from the previous estimate of 13,913 to 149 respondents. The combined impact of these two factors is a decrease in the total hour and cost burden of this ICR. The IC reports the increase due to revisions and the decrease due to adjustments separately.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 10/31/2006

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