Notice2025-09587
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Securities Lending by Employee Benefit Plans, Prohibited Transaction Exemption 2006-16
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
May 29, 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 102 (Thursday, May 29, 2025)</title>
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[Federal Register Volume 90, Number 102 (Thursday, May 29, 2025)]
[Notices]
[Page 22758]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-09587]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Securities Lending by Employee Benefit Plans,
Prohibited Transaction Exemption 2006-16
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 June 30, 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#4703080b18171506181712050b0e040723282b69202831"><span class="__cf_email__" data-cfemail="d0949f9c8f8082918f8085929c999390b4bfbcfeb7bfa6">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: In 2006, the Department promulgated a final
class exemption, PTE 2006-16, which amended and replaced the exemptions
previously provided under PTE 81-6 and PTE 82-63. The final exemption
incorporates the exemptions into one renumbered exemption and expands
the categories of exempted transactions to include securities lending
to foreign banks and foreign broker-dealers that are domiciled in
specified countries and to allow the use of additional forms of
collateral, all subject to specified conditions outlined in the
exemption.
Among other conditions, the class exemption requires a bank or
broker-dealer that borrows securities from a plan to provide the
lending fiduciary with its most recent audited financial statement and
its most recent unaudited statement if the unaudited statement is more
recent than the audited financial statement. The borrower must also
represent, at the time the loan is negotiated, that there has been no
material adverse change in its financial condition since the date of
the most recent financial statement provided to the plan that has not
been disclosed to the lending fiduciary. The exemption also requires
the loan be made pursuant to a written loan agreement. Individual
agreements are not required for each transaction; rather the
compensation agreement may be made in the form of a master agreement
covering a series of transactions. For additional substantive
information about this ICR, see the related notice published in the
Federal Register on January 6, 2025 (90 FR 671).
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: Securities Lending by Employee Benefit Plans,
Prohibited Transaction Exemption 2006-16.
OMB Control Number: 1210-0065.
Affected Public: Private sector.
Total Estimated Number of Respondents: 208.
Total Estimated Number of Responses: 8,320.
Total Estimated Annual Time Burden: 450 hours.
Total Estimated Annual Other Costs Burden: $93,683.
(Authority: 44 U.S.C. 3507(a)(1)(D))
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2025-09587 Filed 5-28-25; 8:45 am]
BILLING CODE 4510-29-P
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