Foreign Currency Transactions, Prohibited Transaction Class Exemption 1994-20
Extension without change of a currently approved collection
No
Regular
02/23/2022
Requested
Previously Approved
36 Months From Approved
04/30/2022
1,210
1,215
202
203
0
0
The class exemption permits the purchase and sale of foreign currencies between an employee benefit plan and a bank or a broker dealer or an affiliate thereof that is a party in interest with respect to such plan.
US Code:
26 USC 4975(c)(2)
Name of Law: Internal Revenue Code
US Code:
29 USC 1108(a)
Name of Law: Employee Retirement Income Security Act of 1974
The Department has made adjustments to the burden analysis that result in a decrease in the annual hour burden. The decrease is due to the decrease in the number of respondents, resulting from more current data from the FDIC regarding the number of banks engaging in currency trading through foreign branches.
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.
1210-0085 PTE 94-20ss 2-15-2022.docx
Foreign Currency Transactions; Prohibited Transaction Class Exemption 1994-20