Notice2025-05324
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Prohibited Transaction Class Exemption for Cross-Trades of Securities by Index and Model-Driven Funds (PTCE 2002-12)
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 28, 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
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<title>Federal Register, Volume 90 Issue 59 (Friday, March 28, 2025)</title>
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[Federal Register Volume 90, Number 59 (Friday, March 28, 2025)]
[Notices]
[Page 14167]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-05324]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Prohibited Transaction Class Exemption for
Cross-Trades of Securities by Index and Model-Driven Funds (PTCE 2002-
12)
ACTION: Notice of availability; request for comments.
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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 28, 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#c783888b98979586989792858b8e8487a3a8abe9a0a8b1"><span class="__cf_email__" data-cfemail="11555e5d4e4143504e4144535d585251757e7d3f767e67">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Prohibited Transaction Exemption (PTE) 2002-
12 permits private-sector pension plans and the Federal Thrift Savings
Plan to buy and sell securities between certain types of investment
funds that participate in passive or model-driven ``cross-trading''
programs pursuant to objective criteria specified in the exemption. The
exemption extends only to crossing-trading conducted according to
index- or model-driven programs that meet the specific requirements of
the exemption, which generally seeks to create objective criteria
sufficient to confine or eliminate the manager's discretion to affect
the identity or amount of securities to be cross-traded and the timing
of cross-trades. The exemption also covers cross-trades among such
funds and certain large accounts that engage managers to carry out a
specific portfolio restructuring program in order to convert the large
account into a fund, or to otherwise act as a ``trading adviser'' for
such a restructuring program.
The information collection requirements that are conditions for
reliance on the class exemption include third-party disclosures and
recordkeeping. The exemption does not require any reporting or filing
with the Federal government, but the designated records must be made
available to specified parties, including the Department and the IRS,
upon request. 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: Prohibited Transaction Class Exemption for
Cross-Trades of Securities by Index and Model-Driven Funds (PTCE 2002-
12).
OMB Control Number: 1210-0115.
Affected Public: Private sector, Businesses or other for-profits,
Not-for-profit institutions.
Total Estimated Number of Respondents: 60.
Total Estimated Number of Responses: 840.
Total Estimated Annual Time Burden: 855 hours.
Total Estimated Annual Other Costs Burden: $1,738.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2025-05324 Filed 3-27-25; 8:45 am]
BILLING CODE 4510-29-P
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