[Federal Register Volume 88, Number 217 (Monday, November 13, 2023)]
[Notices]
[Pages 77647-77648]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-24952]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-184, OMB Control No. 3235-0236]


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 (the ``Commission'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    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 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

[[Page 77648]]

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 seven 
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 hour, resulting in a 
total annual burden of seven hours. Based on the estimated wage rate, 
the total cost to the business development company industry of the hour 
burden for complying with Form N-54C would be approximately $2,975.\3\ 
Futher, based on an estimated external cost burden of $80 per filing, 
the total estimated annual external cost burden to the business 
development company industry for complying with Form N-54C would be 
$560.
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    \3\ The industry burden is calculated by multiplying the total 
annual hour burden to prepare Form N-54C (seven) by the estimated 
hourly wage rate of $425 for a compliance attorney or other business 
development company employee with similar duties and 
responsibilities. The estimated wage figure is based on published 
rates for compliance attorneys from the Securities Industry and 
Financial Markets Association's Report on Management & Professional 
Earnings in the Securities Industry 2013, modified by Commission 
staff to account for an 1800 hour work-year and inflation, and 
multiplied by 5.35 to account for bonuses, firm size, employee 
benefits and overhead, yielding an effective hourly rate of $2,975.
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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 
control number.
    The public may view background documentation for this information 
collection at the following website: www.reginfo.gov. Find this 
particular information collection by selecting ``Currently under 30-day 
Review--Open for Public Comments'' or by using the search function. 
Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
by December 13, 2023 to (i) [email protected] 
and (ii) David Bottom, Director/Chief Information Officer, Securities 
and Exchange Commission, c/o John Pezzullo, 100 F Street NE, 
Washington, DC 20549, or by sending an email to: [email protected].

    Dated: November 7, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-24952 Filed 11-9-23; 8:45 am]
BILLING CODE 8011-01-P