Notice2025-04072
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Foreign Currency Transactions, Prohibited Transaction Class Exemption 1994-20
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 14, 2025
Issuing agencies
Labor Department
Abstract
The Department of Labor (DOL) is submitting this Employee Benefits Security Administration (EBSA)-sponsored information collection request (ICR) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (PRA). Public comments on the ICR are invited.
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 49 (Friday, March 14, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 49 (Friday, March 14, 2025)]
[Notices]
[Page 12181]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-04072]
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Foreign Currency Transactions, Prohibited
Transaction Class Exemption 1994-20
ACTION: Notice of availability; request for comments.
-----------------------------------------------------------------------
SUMMARY: The Department of Labor (DOL) is submitting this Employee
Benefits Security Administration (EBSA)-sponsored information
collection request (ICR) to the Office of Management and Budget (OMB)
for review and approval in accordance with the Paperwork Reduction Act
of 1995 (PRA). Public comments on the ICR are invited.
DATES: The OMB will consider all written comments that the agency
receives on or before April 14, 2025.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at <a href="/cdn-cgi/l/email-protection#55111a190a0507140a050017191c1615313a397b323a23"><span class="__cf_email__" data-cfemail="54101b180b0406150b040116181d1714303b387a333b22">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Prohibited Transaction Exemption (PTE) PTE
94-20 provides an exemption for banks, broker-dealers, and their
affiliates that are parties in interest to a plan to engage in foreign
currency transactions with the plan, provided the transaction is
directed by a plan fiduciary that is independent of the bank, broker-
dealer, and any affiliate thereof and that certain other conditions are
satisfied. To protect the interests of participants and beneficiaries
of the employee benefit plan, the exemption requires, among other
things, that a bank, broker-dealer, and any affiliate wishing to rely
on the exemption (1) maintain written policies and procedures
applicable to trading in foreign currencies with an employee benefit
plan; (2) provide a written confirmation statement of each foreign
currency transaction to the independent plan fiduciary directing the
transaction for the plan; and (3) maintain records of the transactions
for a period of six years from the date of the transaction and make
them available upon request to specified interested persons, including
plan fiduciaries, participants and beneficiaries, the Internal Revenue
Service, and the Department. For additional substantive information
about this ICR, see the related notice published in the Federal
Register on July 9, 2024 (89 FR 56416).
Comments are invited on: (1) whether the collection of information
is necessary for the proper performance of the functions of the
Department, including whether the information will have practical
utility; (2) the accuracy of the agency's estimates of the burden and
cost of the collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility and clarity of the information collection; and (4) ways to
minimize the burden of the collection of information on those who are
to respond, including the use of automated collection techniques or
other forms of information technology.
This information collection is subject to the PRA. A Federal agency
generally cannot conduct or sponsor a collection of information, and
the public is generally not required to respond to an information
collection, unless the OMB approves it and displays a currently valid
OMB Control Number. In addition, notwithstanding any other provisions
of law, no person shall generally be subject to penalty for failing to
comply with a collection of information that does not display a valid
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
DOL seeks PRA authorization for this information collection for
three (3) years. OMB authorization for an ICR cannot be for more than
three (3) years without renewal. The DOL notes that information
collection requirements submitted to the OMB for existing ICRs receive
a month-to-month extension while they undergo review.
Agency: DOL-EBSA.
Title of Collection: Foreign Currency Transactions, Prohibited
Transaction Class Exemption 1994-20.
OMB Control Number: 1210-0085.
Affected Public: Private sector, Businesses or other for-profits,
Not-for-profit institutions.
Total Estimated Number of Respondents: 225.
Total Estimated Number of Responses: 1125.
Total Estimated Annual Time Burden: 188 hours.
Total Estimated Annual Other Costs Burden: $0.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2025-04072 Filed 3-13-25; 8:45 am]
BILLING CODE 4510-29-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on March 14, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.