Notice2025-20359
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
November 20, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 222 (Thursday, November 20, 2025)</title>
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[Federal Register Volume 90, Number 222 (Thursday, November 20, 2025)]
[Notices]
[Pages 52462-52463]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-20359]
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SECURITIES AND EXCHANGE COMMISSION
[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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An SBIC and its affiliated bank must file Form N-17D-1, which has
two parts, with the Commission. Part I
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describes any investment in a small business concern made at the same
time by the SBIC and the affiliated bank (or an investment made by
either entity when the other has an existing investment). The SBIC must
list the name and address of the small business concern and the nature
of its business, and the name and address of the affiliated bank and
the basis of its affiliation with the SBIC. The SBIC and the affiliated
bank also must report any outstanding investments in the small business
concern, and the small business concern's use of the proceeds of
investments made during the reporting period. If the SBIC invested at
the same time or after the affiliated bank, the report must state any
changes in the nature and amount of the affiliated bank's investment
during the period beginning a year before the SBIC's investment up to
the date of the report. Finally, the report must state the name of any
affiliated person of the SBIC or the affiliated bank (or any affiliated
person of any affiliated person of the SBIC or 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
received or will receive.
Part II of the form requires a report about any disposition of an
investment, default in the payment of interest or principal, or
extension or modification of the terms of any investment made by an
SBIC in a small business concern in which an affiliated bank also has
invested. The report must identify the investment and describe in
detail any disposition, default, extension, or modification involved.
If the SBIC has disposed of an investment, the report must state the
profit or loss realized. If a loss was sustained, default occurred, or
the terms of the investment were extended or modified, the report must
describe the circumstances of the event.
The SBIC and affiliated bank must file a form for every semi-annual
accounting period during which one or more of the events referenced in
Part I or II occurred. The SBIC and the affiliated bank may file the
form jointly or separately, as long as the separate reports together
contain all the information requested by the form. The Commission
processes but does not review the form routinely. The form is available
to members of the public for inspection and copying. Therefore, it is
useful for any person who wishes to monitor joint transactions by SBICs
and their affiliated banks.
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 of this internal
time burden to respondents would be $266.\3\ Providing the information
required by the form is mandatory, and responses on Form N-17D-1 will
not be kept 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 a
Senior Accountant ($266); the $266/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 1800-
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 this proposed
collection of information is necessary for the proper performance of
the functions of the SEC, including whether the information will have
practical utility; (b) the accuracy of the SEC's estimate of the burden
imposed by the proposed collection of information, including the
validity of the methodology and the assumptions used; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated,
electronic collection techniques or other forms of information
technology.
Please direct your written comments on this 60-Day Collection
Notice to Austin Gerig, Director/Chief Data Officer, Securities and
Exchange Commission, c/o Tanya Ruttenberg via email to
<a href="/cdn-cgi/l/email-protection#85d5e4f5e0f7f2eaf7eed7e0e1f0e6f1eceaebc4e6f1c5f6e0e6abe2eaf3"><span class="__cf_email__" data-cfemail="bfefdecfdacdc8d0cdd4eddadbcadccbd6d0d1fedccbffccdadc91d8d0c9">[email protected]</span></a> by January 20, 2026. There will be a
second opportunity to comment on this SEC request following the Federal
Register publishing a 30-Day Submission.
Dated: November 17, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-20359 Filed 11-19-25; 8:45 am]
BILLING CODE 8011-01-P
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