Final Rule on Statutory Exemption for Cross-Trading of Securities

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FinalCross-Tradenochagejust.doc	Justification for No Material/Nonsubstantive Change	Uploaded 2008-10-07	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
178686	Final Rule on Statutory Exemption for Cross-Trading of Securities		Modified

ICR Details

OMB Control No: 1210-0130	ICR Reference No: 200806-1210-004
Status: Historical Active	Previous ICR Reference No: 200610-1210-001
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Final Rule on Statutory Exemption for Cross-Trading of Securities
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/15/2008
	Date Received in OIRA: 10/07/2008
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2010	04/30/2010	04/30/2010
Responses	15,000	0	13,000
Time Burden (Hours)	17,000	0	15,000
Cost Burden (Dollars)	58,000	0	52,000

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Abstract: Section 611(g) of the Pension Protection Act of 2006 (PPA) requires the Department of Labor to promulgate regulations, within 180 days after the date of enactment of the PPA, regarding the content of the written policies and procedures required to be adopted by an investment manager that wishes to rely on the new statutory exemption under 408(b)(19)(H) of ERISA, which was added to ERISA by the PPA. This interim final rule complies with the statutory directive of section 611(g) of the PPA by establishing the content requirements for the written cross-trading policies and procedures required under section 408(b)(19)(H) of ERISA.

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Authorizing Statute(s): US Code: 29 USC 1108(b)(19)(H) Name of Law: Employee Retirement Income Security Act of 1974
   PL: Pub.L. 109 - 280 611(g)(1) Name of Law: Pension Protection Act of 2006
  

Citations for New Statutory Requirements: PL: Pub.L. 109 - 280 611(g) Name of Law: Pension Protection Act of 2006

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1210-AB17	Final or interim final rulemaking	72 FR 6473	02/12/2007

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Final Rule on Statutory Exemption for Cross-Trading of Securities

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ICR Summary of Burden

table that charts list 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	15,000	13,000	0	0	2,000	0
Annual Time Burden (Hours)	17,000	15,000	0	0	2,000	0
Annual Cost Burden (Dollars)	58,000	52,000	0	0	6,000	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: No

Burden Reduction Due to:

Short Statement: This is a new collection of information, which is incorporated into an interim final rule that the Department is promulgating in response to statutory directives contained in the Pension Protection Act of 2006, which requires in section 611(g) that the Department issue regulations governing the content of the policies and procedures that an investment manager must have in place in order to engage in cross-trading of employee benefit plan securities. The information collection requirements of the final rule are third-party disclosures. The rule requires an investment manager to establish the specified policies and procedures pertaining to the investment manager’s cross-trading program under the statutory exemption for cross-trading and disclose them to the responsible plan fiduciary prior to engaging in the otherwise prohibited cross-trading. The exemption does not require any reporting or filing with the Federal government. The information will be used by the plan fiduciary to assess the initial and continued appropriateness of investing plan assets subject to a cross-trading program. The information will enable the plan fiduciary to fulfill its fiduciary duties under the plan and to protect plan assets on behalf of plan participants and beneficiaries. The burden estimate of the information disclosure was derived from information contained in the Form 5500 annual return/reports filed by employee benefit plans with the Department, together with estimates of the numbers of plans likely to engage investment managers that will have cross-trading programs. This information collection is mandated by Federal statute.

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Annual Cost to Federal Government:

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: 10/07/2008

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