[Federal Register Volume 65, Number 9 (Thursday, January 13, 2000)]
[Notices]
[Pages 2204-2205]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-779]


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SECURITIES AND EXCHANGE COMMISSION

[Form N-54A, SEC File No. 270-182, OMB Control No. 3235-0237, Form N-
54C, SEC File No. 270-184, OMB Control No. 3235-0236, Form N-6F, SEC 
File No. 270-185, OMB Control No. 3235-0238]


Proposed Collection; Comment Request

    Upon Written Request, Copy Available From: Securities and 
Exchange Commission, Office of Filings and Information Services, 450 
Fifth Street, NW, Washington, DC 20549.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 [44 U.S.C. 3501 et seq.] (the ``Act''), the Securities and 
Exchange Commission (the ``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 for extension and approval.

Form N-54A Under the Investment Company Act of 1940; Notification of 
Election To Be Subject to Sections 55 Through 65 of the Investment 
Company Act of 1940 Filed Pursuant to Section 54(a) of the Act

    Form N-54A [17 CFR 274.53] is a notification of election to the 
Commission to be regulated as a business development company. A company 
making such an election only has to file a Form N-54A once.
    It is estimated that approximately 3 respondents per year file with 
the Commission a Form N-54A. Form N-54A requires approximately 0.5 
burden

[[Page 2205]]

hours per response resulting from creating and filing the information 
required by the form. The total burden hours for Form N-54A would be 
1.5 hours per year in the aggregate. The estimated annual burden of 1.5 
hours represents a decrease of 0.5 hours over the prior estimate of 2 
hours. The decrease in burden hours is attributable to a decrease in 
the number of respondents from 4 to 3.

Form N-54C Under the Investment Company Act of 1940, Notification of 
Withdrawal of Election To Be Subject to Sections 55 Through 65 of the 
Investment Company Act of 1940 Filed Pursuant to Section 54(c) of the 
Investment Company Act of 1940

    Form N-54C [17 CFR 274.54] is a notification to the Commission that 
a company withdraws its election to be regulated as a business 
development company. Such a company only has to file a Form N-54C once.
    It is estimated that approximately 12 respondents per year file 
with the Commission a Form N-54C. Form N-54C requires approximately 1 
burden hour per response resulting from creating and filing the 
information required by the form. The total burden hours for Form N-54C 
would be 12 hours per year in the aggregate. The estimated annual 
burden of 12 hours represents an increase of 11 hours over the prior 
estimate of 1 hour. The increase in burden hours is attributable to an 
increase in the number of respondents from 1 to 12.

Form N-6F Under the Investment Company Act of 1940, Notice of Intent to 
Elect To Be Subject to Sections 55 through 65 of the Investment Company 
Act of 1940

    Certain companies may have to make a filing with the Commission 
before they are ready to elect on Form N-54A to be regulated as a 
business development company.\1\ A company that is excluded from the 
definition of ``investment company'' by Section 3(c)(1) of the 
Investment Company Act of 1940 because it has fewer than one hundred 
shareholders and is not making a public offering of its securities may 
lose such an exclusion solely because it proposes to make a public 
offering of securities as a business development company. Such a 
company, under certain conditions, would not lose its exclusion if it 
notifies the Commission on Form N-6F [17 CFR 274.15] of its intent to 
make an election to be regulated as a business development company. The 
company only has to file a Form N-6F once.
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    \1\ A company might not be prepared to elect to be subject to 
sections 55 through 65 of the Investment Company Act of 1940 because 
its capital structure or management compensation plan is not yet in 
compliance with the requirements of those sections.
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    It is estimated that approximately 3 respondents per year file with 
the Commission a Form N-6F. Form N-6F requires approximately 0.5 burden 
hours per response resulting from creating and filing the information 
required by the form. The total burden hours for Form N-6F would be 1.5 
hours per year in the aggregate. The estimated annual burden of 1.5 
hours represents a decrease of 0.5 hours over the prior estimate of 2 
hours. The decrease in burden hours is attributable to a decrease in 
the number of respondents from 4 to 3.
    The estimates of average burden hours for Forms N-54A, N54-C and N-
64F are made solely for the purposes of the Act and are not derived 
from a comprehensive or even representative survey or study of the 
costs of Commission rules and forms.
    Written comments are invited on: (a) whether the proposed 
collections of information are necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collections of information; (c) ways to enhance the 
quality, utility, and clarity of the information collected; and (d) 
ways to minimize the burden of the collections 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 in writing within 60 
days of this publication.
    Please direct your written comments to Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 Fifth Street, NW, Washington, 
DC 20549.

    Dated: January 6, 2000.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-779 Filed 1-12-00; 8:45 am]
BILLING CODE 8010-01-M