[Federal Register Volume 61, Number 150 (Friday, August 2, 1996)]
[Notices]
[Pages 40470-40471]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-19627]


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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 22105; 811-8376]


Renaissance Capital Growth & Income Fund III, Inc.; Notice of 
Proposed Deregistration

July 26, 1996.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of proposed deregistration under the Investment Company 
Act of 1940 (the ``Act'').

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relevant act sections: Sections 8(a), 8(f) and (54(a).

summary of notice: The SEC proposes to declare by order on its own 
motion that the registration of Renaissance Capital Growth & Income 
Fund III, Inc. (``Renaissance Fund'') under the Act has ceased to be in 
effect, as of March 14, 1994, when it elected to be regulated as a 
business development company (``BDC'').

hearing or notification of hearing: An order of deregistration will be 
issued unless the SEC orders a hearing. Interested persons may request 
a hearing by writing to the SEC's Secretary. Hearing requests should be 
received by the SEC by 5:30 p.m. on August 20, 1996. Hearing requests 
should state the nature of the writer's interest, the reason for the 
request, and the issues contested. Persons requesting a hearing should 
serve Renaissance Fund with the request, either personally

[[Page 40471]]

or by mail, and also send the request to the Secretary of the SEC, 
along with proof of service by affidavit, or, for lawyers, by 
certificate. Persons may request notification of a hearing by writing 
to the SEC's Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth Street, N.W., Washington, D.C. 
20549. Renaissance Fund, 8080 N. Central Expressway, Suite 210-LB 59, 
Dallas, TX 75206.

FOR FURTHER INFORMATION CONTACT:
H.R. Hallock, Jr., Special Counsel, at (202) 942-0564, or Robert a. 
Robertson, Branch Chief, at (202) 942-0564 (Division of Investment 
Management, Office of Investment Company Regulation).

Statement of Facts

    1. Renaissance Fund, a Texas corporation, filed a Notification of 
Registration on Form N-8A under section 8(a) of the Act and a 
registration statement on Form N-2 under section 8(b) of the Act and 
under the Securities Act of 1933 (the ``1933 Act'') on February 25, 
1994. The registration statement became effective on May 6, 1994.
    2. Section 54(a) of the Act provides that any company that 
satisfies the definition of a BDC under section 2(a)(48) (A) and (B) 
may elect to be subject to the provisions of sections 55 through 65 and 
be regulated as a BDC by filing with the SEC a notification of such 
election, if such company: (i) Has a class of its equity securities 
registered under section 12 of the Securities Exchange Act of 1934 (the 
``Exchange Act''); or (ii) has filed a registration statement pursuant 
to section 12 of the Exchange Act for a class of its equity securities. 
On March 14, 1994, Renaissance Fund elected BDC status by filing a Form 
N-54A, which stated that, among other things, the company had filed a 
registration statement for a class of equity securities pursuant to 
section 12 of the Exchange Act.
    3. Section 8(f) of the Act permits the SEC to deregister a 
registered investment company on its own motion if it finds that the 
company has ceased to be an investment company.
    4. Section 8(a) of the Act, which requires registration of 
investment companies, does not apply to BDCs. After an existing 
registered investment company has filed an election to be regulated as 
a BDC, the SEC on its own motion will declare by order under section 
8(f) that the company's registration under the Act has ceased to be in 
effect. Such an order will be made effective retroactively, as of the 
time the SEC received the company's election. See Investment Company 
Act Release No. 11703 (March 26, 1981).

    For the SEC, by the Division of Investment Management, under 
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-19627 Filed 8-1-96; 8:45 am]
BILLING CODE 8010-01-M