Notice2022-21444
Proposed Collection; Comment Request; Extension: Form N-17D-1
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
October 4, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 191 (Tuesday, October 4, 2022)</title>
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[Federal Register Volume 87, Number 191 (Tuesday, October 4, 2022)]
[Notices]
[Pages 60231-60232]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-21444]
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SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-231, OMB Control No. 3235-0229]
Proposed Collection; Comment Request; Extension: Form N-17D-1
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC
20549-2736
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 350l-3520), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collections
of information summarized below. The Commission plans to submit these
existing collections of information to the Office of Management and
Budget (``OMB'') for extension and approval.
Section 17(d) (15 U.S.C. 80a-17(d)) of the Investment Company Act
of 1940 (``Act'') authorizes the Commission to adopt rules that protect
funds and their security holders from overreaching by affiliated
persons when the fund and the affiliated person participate in any
joint enterprise or other joint arrangement or profit-sharing plan.
Rule 17d-1 under the Act (17 CFR 270.17d-1) prohibits funds and their
affiliated persons from participating in a joint enterprise, unless an
application regarding the transaction has been filed with and approved
by the Commission. Subparagraph (d)(3) of the rule provides an
exemption from this requirement for any loan or credit advance to, or
acquisition of securities or other property of, a small business
concern, or any agreement to do any of these transactions
(``investments'') made by a small business investment company
(``SBIC'') and a bank that is an affiliated person of (1) the SBIC or
(2) an affiliated person of the SBIC (``affiliated bank''). The
exemption requires the Commission to prescribe reports about the
investments, and the Commission has designated Form N-17D-1 (``form'')
as the form for reports required by rule 17d-1(d)(3).\1\
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\1\ See 17 CFR 270.17d-2.
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SBICs and their affiliated banks use form N-17D-1 to report any
contemporaneous investments in a small business concern. The form
provides shareholders and persons seeking to make an informed decision
about investing in an SBIC an opportunity to learn about transactions
of the SBIC that have the potential for self-dealing and other forms of
overreaching by affiliated persons at the expense of shareholders.
Form N-17D-1 requires SBICs and their affiliated banks to report
identifying information about the small business concern and the
affiliated bank. The report must include, among other things, the
SBIC's and affiliated bank's outstanding investments in the small
business concern, the use of the proceeds of the investments made
during the reporting period, any changes in the nature and amount of
the affiliated bank's investment, the name of any affiliated person of
the SBIC or the affiliated bank (or any affiliated person of the
affiliated person of the SBIC or the affiliated bank) who has any
interest in the transactions, the basis of the affiliation, the nature
of the interest, and the consideration the affiliated person has
received or will receive.
There are no SBICs currently registered with the Commission and,
thus, we estimate that annually there will be no transactions that
trigger the obligations to file the form.\2\ The Commission requests
authorization to maintain an inventory of one burden hour to ease
future renewals of Form N-17D-1's collection of information analysis
should an SBIC register with the Commission in the future and engage in
a transaction that would necessitate reporting on the form. If an SBIC
were to file on Form N-17D-1, we estimate the cost would be $237.\3\
The Commission will not keep responses on Form N-17D-1 confidential.
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\2\ The Commission has not received a filing on Form N-17D-1
since March 23, 1987.
\3\ The estimated wage figure is based on published rates for
Senior Accountants ($237). The $237/hour figure for a Senior
Accountant is from Securities Industry and Financial Markets
Association's Management & Professional Earnings in the Securities
Industry 2013, modified by Commission staff to account for an 1,800-
hour work-year and multiplied by 5.35 to account for bonuses, firm
size, employee benefits and overhead.
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The estimate of average burden hours is made solely for the
purposes of the Paperwork Reduction Act, and is not derived from a
comprehensive or even a representative survey or study of the costs of
Commission rules. An agency may not conduct or sponsor, and a person is
not required to respond to, a collection of information unless it
displays a currently valid OMB control number.
Written comments are invited on: (a) whether the proposed
collection of information is necessary for the proper performance of
the functions of the Commission, including whether the information
shall have practical utility; (b) the accuracy of the Commission's
estimate of the burden of the collection of information; (c) ways to
enhance the quality, utility, and clarity of the information collected;
and (d) ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted by December 5, 2022.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information
[[Page 60232]]
under the PRA unless it displays a currently valid OMB control number.
Please direct your written comments to: David Bottom, Acting
Director/Chief Information Officer, Securities and Exchange Commission,
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549 or send an
email to: <a href="/cdn-cgi/l/email-protection#623230233d2f030b0e000d1a221107014c050d14"><span class="__cf_email__" data-cfemail="5a0a081b05173b33363835221a293f39743d352c">[email protected]</span></a>.
Dated: September 28, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-21444 Filed 10-3-22; 8:45 am]
BILLING CODE 8011-01-P
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