Notice2026-16148
Agency Information Collection Activities; 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
August 7, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 151 (Friday, August 7, 2026)</title>
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[Federal Register Volume 91, Number 151 (Friday, August 7, 2026)]
[Notices]
[Pages 51201-51202]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-16148]
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SECURITIES AND EXCHANGE COMMISSION
[OMB Control No. 3235-0236]
Agency Information Collection Activities; 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 (``SEC'' or ``Commission'') is soliciting comments on the
proposed collection of information.
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
[[Page 51202]]
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.
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\1\ 15 U.S.C. 80a-53(a).
\2\ 15 U.S.C. 80a-53(c).
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The Commission estimates that on average approximately eight
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 internal hour, resulting
in a total annual internal burden of eight hours. The form involves
legal judgments and therefore, the Commission estimates that the
internal annual time burden will be based on legal time. Based on the
estimated wage rate of $774 per hour, the total estimated internal time
costs to business development companies of the hour burden for
complying with Form N-54C would be approximately $6,192.\3\ Further,
based on an estimated external cost burden of $232 per filing, the
total estimated annual external cost burden to comply with Form N-54C
would be $1,856.\4\
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\3\ To calculate the occupational hourly rates, the Commission
uses occupational mean hourly wage data from the Occupational
Employment and Wage Statistics (OEWS) program of the Bureau of Labor
Statistics (BLS) for ``Securities, Commodity Contracts, and Other
Financial Investments and Related Activities'' (NAICS 523)]. See
Occupational Employment and Wage Statistics, U.S. BUREAU OF LABOR
STATISTICS, <a href="https://www.bls.gov/oes/">https://www.bls.gov/oes/</a>; see also Standard Occupational
Classification, U.S. BUREAU OF LABOR STATISTICS, <a href="https://www.bls.gov/soc/">https://www.bls.gov/soc/</a> (describing occupational classification system used
by BLS); EXEC. OFF. OF THE PRESIDENT, OFF. OF MGMT. & BUDGET, NORTH
AMERICAN INDUSTRY CLASSIFICATION SYSTEM (2022), available at <a href="https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf">https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf</a>
(describing the industry classification system used by BLS and other
agencies). The mean hourly wage for each occupation is adjusted for
changes in the seasonally adjusted employment cost index for private
wages and salaries between the data reference period and when the
data are released by BLS. See Employment Cost Index, U.S. BUREAU OF
LABOR STATISTICS, <a href="https://www.bls.gov/eci/">https://www.bls.gov/eci/</a>. The adjusted mean hourly
wage is then multiplied by a factor that accounts for nonwage costs
borne by employers, such as bonuses, benefits, and overhead. This
factor is calculated as an average over the 10 most recently
available years of data of the ratio of the Bureau of Economic
Analysis's annual gross output data for NAICS 523 to total annual
wages across all occupations for NAICS 523 in the OEWS data. See
Gross Output by Industry, U.S. BUREAU OF ECONOMIC ANALYSIS, <a href="https://www.bea.gov/data/industries/gross-output-by-industry">https://www.bea.gov/data/industries/gross-output-by-industry</a>; Occupational
Employment and Wage Statistics, U.S. BUREAU OF LABOR STATISTICS,
<a href="https://www.bls.gov/oes/">https://www.bls.gov/oes/</a>. The final product is the occupational
hourly rate. See generally UPDATED METHODOLOGY FOR CALCULATING
OCCUPATIONAL HOURLY RATES (Dec. 19, 2025), available at <a href="https://www.sec.gov/files/method-occupational-hourly-rates.pdf">https://www.sec.gov/files/method-occupational-hourly-rates.pdf</a>. This
estimate is based on the three-year average number of filings
submitted to the Commission on Form N-54-C from 2023 through 2025
[(6 filings (2023) + 7 filings (2024) + 12 filings (2025) = 25
filings/3 = 8 filings, as rounded]. 8 filings x $774 per filing =
$6,192.
\4\ This estimate is based on .3 hours of legal time at $774 per
hour = $232, as rounded. $232 x 8 filings = $1,856, total annual
external burden. See supra footnote 3 (discussing wage rates).
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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 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#acfccddcc9dedbc3dec7fec9c8d9cfd8c5c3c2edcfd8ecdfc9cf82cbc3da"><span class="__cf_email__" data-cfemail="bcecddccd9cecbd3ced7eed9d8c9dfc8d5d3d2fddfc8fccfd9df92dbd3ca">[email protected]</span></a> by October 6, 2026.
Dated: August 5, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-16148 Filed 8-6-26; 8:45 am]
BILLING CODE 8011-01-P
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