Securities Lending by Employee Benefit Plans, Prohibited Transaction Exemption 2006-16

Forms and Documents

Document Name	Status
1210-0065 PTE 2006-16 ss 3-31-2025.docx Supporting Statement A	2025-04-29

IC Document Collections

IC ID	Document Title	Status
46541	PTE 2006-16 (Securities Lending by Employee Benefit Plans ) - Electronic Disclosures Other-Prohibited Transaction Class Exemption	Modified
13376	PTE 2006-16 (Securities Lending by Employee Benefit Plans) - Hardcopy Disclosures Other-Prohibited Transaction Class Exemption	Modified

ICR Details

OMB Control No: 1210-0065	ICR Reference No: 202502-1210-001
Status: Received in OIRA	Previous ICR Reference No: 202206-1210-010
Agency/Subagency: DOL/EBSA	Agency Tracking No:
Title: Securities Lending by Employee Benefit Plans, Prohibited Transaction Exemption 2006-16
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 05/29/2025

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2025
Responses	8,320	1,820
Time Burden (Hours)	450	349
Cost Burden (Dollars)	93,683	18,191

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Abstract: 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.

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Authorizing Statute(s): US Code: 29 USC 1108(a) Name of Law: Employee Retirement Income Security Acty of 1974
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 671	01/06/2025
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 22758	05/29/2025
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
PTE 2006-16 (Securities Lending by Employee Benefit Plans ) - Electronic Disclosures
PTE 2006-16 (Securities Lending by Employee Benefit Plans) - Hardcopy Disclosures

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	8,320	1,820	0	0	6,500	0
Annual Time Burden (Hours)	450	349	0	0	101	0
Annual Cost Burden (Dollars)	93,683	18,191	0	0	75,492	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This ICR contains no program changes. The Department has factored in the assumption that new financial statements are sent on a quarterly basis, and therefore, the number of responses has been multiplied by four. Burden estimates were also 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. Finally, the Department has updated the burden estimates to reflect current postage rates and wage rates. As a result, the number of responses has increased by 6,500 responses, the hour burden has increased by 101 hours, and the cost burden increased by $75,492.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 05/29/2025

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