In accordance
with 5 CFR 1320, the information collection is not approved at this
time. Prior to publication of the final rule, the agency should
provide to OMB a summary of all comments received on the proposed
information collection and identify any changes made in response to
these comments.
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
0
0
0
0
0
0
0
0
0
The proposed exemption would allow
investment advice fiduciaries under both ERISA and the Code to
receive compensation, including as a result of advice to roll over
assets from a Plan to an IRA, and engage in principal transactions,
that would otherwise violate the prohibited transaction provisions
of ERISA and the Code. The exemption would apply to registered
investment advisers, broker-dealers, banks, insurance companies,
and their employees, agents, and representatives that are
investment advice fiduciaries. The exemption would include
protective conditions designed to safeguard the interests of Plans,
participants and beneficiaries, and IRA owners. The new class
exemption would affect participants and beneficiaries of Plans, IRA
owners, and fiduciaries with respect to such Plans and
IRAs.
US Code:
29
USC 1104 Name of Law: Employee Retirement Income Security
Act
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.