Statutory Exemption for Cross-Trading of Securities

ICR 201605-1210-005

OMB: 1210-0130

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2016-07-19
IC Document Collections
ICR Details
1210-0130 201605-1210-005
Historical Active 201304-1210-004
DOL/EBSA
Statutory Exemption for Cross-Trading of Securities
Extension without change of a currently approved collection   No
Regular
Approved without change 11/21/2016
Retrieve Notice of Action (NOA) 07/26/2016
  Inventory as of this Action Requested Previously Approved
11/30/2019 36 Months From Approved 11/30/2016
2,870 0 2,834
3,333 0 3,290
14,000 0 14,000

The Regulation on Statutory Exemption for Cross-Trading of Securities (29 CFR 2550.408b-19) implements the content requirements for the written cross-trading policies and procedures required under section 408(b)(19)(H) of the Employee Retirement Income Security Act of 1974 (ERISA), as added by section 611(g) of the Pension Protection Act of 2006, Pub. L. 109-280 (PPA). Section 611(g)(1) of the PPA created a statutory exemption, added to section 408(b) of ERISA as subsection 408(b)(19), that exempts from the prohibitions of sections 406(a)(1)(A) and 406(b)(2) of ERISA those cross-trading transactions involving the purchase and sale of a security between a account holding assets of a pension plan and any other account managed by the same investment manager, provided that certain conditions are satisfied. The information collection provisions of the Department's final cross-trading policies and procedure regulation (29 CFR 2550.408b-19) carry out the Congressional directive to specify the contents of the policies and procedures required under the statutory exemption. The Department believes the collections are necessary to safeguard plan assets by requiring that investment managers relying on the statutory exemption effect cross-trades in accordance with policies and procedures that are fair and equitable to all accounts participating in the cross-trading program. The information collection provisions of the regulation, along with other requirements of the statutory exemption, are also intended to ensure that plan fiduciaries have adequate information to make an informed decision regarding the plan's initial and continued participation in the investment manager's cross-trading program.

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), (3) Name of Law: Pension Protection Act of 2006
  
None

Not associated with rulemaking

  80 FR 72990 11/23/2015
81 FR 48848 07/26/2016
No

1
IC Title Form No. Form Name
Final Rule on Statutory Exemption for Cross-Trading of Securities

  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 2,870 2,834 0 0 36 0
Annual Time Burden (Hours) 3,333 3,290 0 0 43 0
Annual Cost Burden (Dollars) 14,000 14,000 0 0 0 0
No
No
The Department's burden hour estimate has changed due to updated Form 5500 data.

No
No
No
No
No
Uncollected
Chris Cosby 202 693-8540

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
07/26/2016


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