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

Forms and Documents

Document	Type	Status	Availability
PTE 2006-16ss09.doc	Supporting Statement A	Uploaded 2009-12-09	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	Modified
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: 200911-1210-004
Status: Historical Active	Previous ICR Reference No: 200609-1210-006
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: PTE 2006-16 (Securities Lending by Employee Benefit Plans)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/17/2010
	Date Received in OIRA: 12/15/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2013	36 Months From Approved	02/28/2010
Responses	1,000	0	10,000
Time Burden (Hours)	191	0	367
Cost Burden (Dollars)	5,600	0	11,200

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Abstract: PTE 2006-16 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 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: Employee Retirement Income Security Acty of 1974
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 49022	09/25/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 66377	12/15/2009
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	1,000	10,000	0	0	-9,000	0
Annual Time Burden (Hours)	191	367	0	0	-176	0
Annual Cost Burden (Dollars)	5,600	11,200	0	0	-5,600	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: The adjustments that affect burden analysis arise from new information that the Department has obtained through consultation with industry experts regarding the operation of the foreign and domestic securities lending markets. The Department now assumes that the exemption will be relied upon only by the limited group of large, sophisticated domestic broker dealers and banks currently active in the securities lending market, which the Department estimates at approximately 100 separate entities. The consolidation of the financial services industry and reduction of firms engaging in securities lending led the Department to reduce its estimate of the number of firms engaged in securities lending to 100.

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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)? No

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: 12/15/2009

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