
[Federal Register Volume 77, Number 198 (Friday, October 12, 2012)]
[Notices]
[Page 62272]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-25090]


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

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Form N-5, SEC File No. 270-172, OMB Control No. 3235-0169.

    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 (``OMB'') a request for extension of the 
previously approved collection of information discussed below.
    Form N-5 (17 CFR 239.24 and 274.5)--Registration Statement of Small 
Business Investment Companies Under the Securities Act of 1933 (15 
U.S.C. 77a et seq.) and the Investment Company Act of 1940 (15 U.S.C. 
80a-1 et seq.) Form N-5 is the integrated registration statement form 
adopted by the Commission for use by a small business investment 
company which has been licensed as such under the Small Business 
Investment Act of 1958 and has been notified by the Small Business 
Administration that the company may submit a license application, to 
register its securities under the Securities Act of 1933 (``Securities 
Act''), and to register as an investment company under section 8 of the 
Investment Company Act of 1940 (``Investment Company Act''). The 
purpose of registration under the Securities Act is to ensure that 
investors are provided with material information concerning securities 
offered for public sale that will permit investors to make informed 
decisions regarding such securities. The Commission staff reviews the 
registration statements for the adequacy and accuracy of the disclosure 
contained therein. Without Form N-5, the Commission would be unable to 
carry out the requirements to the Securities Act and Investment Company 
Act for registration of small business investment companies. The 
respondents to the collection of information are small business 
investment companies seeking to register under the Investment Company 
Act and to register their securities for sale to the public under the 
Securities Act.
    Based on discussions with fund representatives and the Commission's 
experience with the filing of Form N-5 and with disclosure documents 
generally, we estimate that the reporting burden of compliance with 
Form N-5 is approximately 352 hours per respondent. The Commission has 
received one Form N-5 filing in the last three years, for an average 
annual hourly burden of 117 hours. The cost of compliance varies 
considerably depending on factors such as whether a filing is a new 
registration statement or an update to a previously effective 
registration statement; whether the fund being registered presents 
novel or complex legal issues or is similar to other funds; whether 
amendments are required in response to staff comments; and whether 
outside counsel and accountants are necessary for preparation of the 
filing. Based on discussions with fund representatives and the 
Commission's experience with the filing of Form N-5 and with comparable 
disclosure documents, we estimate that the cost of compliance may range 
from less than $15,000 (for a routine filing) to over $60,000 (for a 
registration statement presenting significant legal issues per 
response) with an average cost per filing of $30,000. There has been 
one Form N-5 filing in the last three years. We therefore estimate that 
the average annual cost burden to the industry is $10,000.
    Providing the information on Form N-5 is mandatory. Responses will 
not be kept confidential. Estimates of the burden hours are made solely 
for the purposes of the Paperwork Reduction Act, and are not derived 
from a comprehensive or even a representative survey or study of the 
costs of SEC rules and forms. 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 the background documentation for this 
information collection at the following Web site, www.reginfo.gov. 
Comments should be directed to: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503, or by sending an email to: Shagufta_Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Director/Chief Information 
Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 
6432 General Green Way, Alexandria, VA 22312 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of 
this notice.

    Dated: October 5, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-25090 Filed 10-11-12; 8:45 am]
BILLING CODE 8011-01-P


