Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Form N-54C

Issuing agencies

Full Text

<html>
<head>
<title>Federal Register, Volume 91 Issue 196 (Tuesday, October 13, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 196 (Tuesday, October 13, 2026)]
[Notices]
[Pages 64971-64972]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-20819]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[OMB Control No. 3235-0236]


Agency Information Collection Activities; Submission for OMB 
Review; 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 submitting to the Office of 
Management and Budget (OMB) this request for extension of 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 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

[[Page 64972]]

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 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\
---------------------------------------------------------------------------

    \3\ To calculate the occupational hourly rates used in this 
release, 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].
    \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).
---------------------------------------------------------------------------

    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.
    The public may view and comment on this information collection 
request at: <a href="https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202607-3235-027">https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202607-3235-027</a> or email comment to 
<a href="/cdn-cgi/l/email-protection#f5b8b7addbbab8b7dbbabca7b4dba6b0b6aa9190869eaa9a93939c969087b59a9897db909a85db929a83"><span class="__cf_email__" data-cfemail="87cac5dfa9c8cac5a9c8ced5c6a9d4c2c4d8e3e2f4ecd8e8e1e1eee4e2f5c7e8eae5a9e2e8f7a9e0e8f1">[email&#160;protected]</span></a> within 30 days of the day 
after publication of this notice, by November 12, 2026.

    Dated: October 7, 2026.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-20819 Filed 10-9-26; 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>