Notice2023-19249
Proposed Collection; Comment Request; Extension: Form N-54C
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
September 7, 2023
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 88 Issue 172 (Thursday, September 7, 2023)</title>
</head>
<body><pre>
[Federal Register Volume 88, Number 172 (Thursday, September 7, 2023)]
[Notices]
[Page 61652]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-19249]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-184, OMB Control No. 3235-0236]
Proposed Collection; Comment Request; Extension: Form N-54C
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. 3501 et seq.), the Securities and Exchange
Commission (the ``Commission'') is soliciting comments on the
collection of information summarized below. The Commission plans to
submit this existing collection of information to the Office of
Management and Budget for extension and approval.
Certain investment companies can elect to be regulated as business
development companies, as defined in section 2(a)(48) of the Investment
Company Act of 1940 (``Investment Company Act''), under sections 55
through 65 of the Investment Company Act. Under section 54(a) of the
Investment Company Act,\1\ any company defined in section 2(a)(48)(A)
and (B) of the Investment Company Act may, if it meets certain
enumerated eligibility requirements, elect to be subject to the
provisions of sections 55 through 65 of the Investment Company Act by
filing with the Commission a notification of election. Under section
54(c) of the Investment Company Act,\2\ any business development
company may voluntarily withdraw its election under section 54(a) of
the Investment Company Act by filing a notice of withdrawal of election
with the Commission. The Commission has adopted Form N-54C as the form
for the notification of withdrawal of election to be subject to
sections 55 through 65 of the Investment Company Act. The purpose of
Form N-54C is to notify the Commission that the business development
company withdraws its election to be subject to sections 55 through 65
of the Investment Company Act.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 80a-53(a).
\2\ 15 U.S.C. 80a-53(c).
---------------------------------------------------------------------------
The Commission estimates that on average approximately seven
business development companies file notifications on Form N-54C each
year. Each of those business development companies need only make a
single filing of Form N-54C. The Commission further estimates that this
information collection imposes a burden of one hour, resulting in a
total annual burden of seven hours. Based on the estimated wage rate,
the total estimated internal time costs to the business development
company industry of the hour burden for complying with Form N-54C would
be approximately $2,975.\3\ Futher, based on an estimated external cost
burden of $80 per filing, the total estimated annual external cost
burden to the business development company industry for complying with
Form N-54C would be $560.
---------------------------------------------------------------------------
\3\ The industry burden is calculated by multiplying the total
annual hour burden to prepare Form N-54C (seven) by the estimated
hourly wage rate of $425 for a compliance attorney or other
similarly situated business development company employee. The
estimated wage figure is based on published rates for compliance
attorneys from the Securities Industry and Financial Markets
Association's Report on Management & Professional Earnings in the
Securities Industry 2013, modified by Commission staff to account
for an 1800 hour work-year and inflation, and multiplied by 5.35 to
account for bonuses, firm size, employee benefits and overhead,
yielding an effective hourly rate of $2,975.
---------------------------------------------------------------------------
The collection of information under Form N-54C is mandatory. The
information provided by the form is not kept confidential. 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 November 6, 2023.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information 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#e6b6b4a7b9ab878f8a84899ea6958385c8818990"><span class="__cf_email__" data-cfemail="3f6f6d7e60725e56535d50477f4c5a5c11585049">[email protected]</span></a>.
Dated: August 31, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-19249 Filed 9-6-23; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on September 7, 2023.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.