PTE 2006-16 permits an employee
benefit plan to lend securities to certain broker-dealers and banks
and to make compensation arrangements for lending services provided
by a plan fiduciary in connection with such securities loans. In
the absence of this exemption, some aspects of these transactions
might be prohibited under Section 406 of ERISA. The PTE includes
conditions that constitute information collections under the
PRA.
US Code:
29
USC 1108(a) Name of Law: Employee Retirement Income Security
Acty of 1974
This ICR contains no program
changes. Burden estimates were updated to reflect more current data
on the membership of the International Securities Lending
Association, which are used to inform the assumption of the number
of entities using the exemption. Aside from this updated
assumption, the Department has updated the burden estimates to
reflect current postage rates and the Department’s most recent
estimates of labor costs.
$0
No
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.