[Federal Register Volume 85, Number 42 (Tuesday, March 3, 2020)]
[Notices]
[Pages 12633-12634]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-04349]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-231, OMB Control No. 3235-0229]


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

Extension:
    Form N-17D-1

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 350l-3520), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.
    Section 17(d) (15 U.S.C. 80a-17(d)) of the Investment Company Act 
of 1940 (``Act'') authorizes the Commission to adopt rules that protect 
funds and their security holders from overreaching by affiliated 
persons when the fund and the affiliated person participate in any 
joint enterprise or other joint arrangement or profit-sharing plan. 
Rule 17d-1 under the Act (17 CFR 270.17d-1) prohibits funds and their 
affiliated persons from participating in a joint enterprise, unless an 
application regarding the transaction has been filed with and approved 
by the Commission. Paragraph (d)(3) of the rule provides an exemption 
from this requirement for any loan or advance of credit to, or 
acquisition of securities or other property of, a small business 
concern, or any agreement to do any of the foregoing (``investments'') 
made by a small business investment company (``SBIC'') and an 
affiliated bank, provided that reports about the investments are made 
on forms the Commission may prescribe. Rule 17d-2 (17 CFR 270.17d-2) 
designates Form N-17D-1 (17 CFR 274.200) (``form'') as the form for 
reports required by rule 17d-1.
    SBICs and their affiliated banks use form N-17D-1 to report any 
contemporaneous investments in a small business concern. The form 
provides shareholders and persons seeking to make an informed decision 
about investing in an SBIC an

[[Page 12634]]

opportunity to learn about transactions of the SBIC that have the 
potential for self dealing and other forms of overreaching by 
affiliated persons at the expense of shareholders.
    Form N-17D-1 requires SBICs and their affiliated banks to report 
identifying information about the small business concern and the 
affiliated bank. The report must include, among other things, the 
SBIC's and affiliated bank's outstanding investments in the small 
business concern, the use of the proceeds of the investments made 
during the reporting period, any changes in the nature and amount of 
the affiliated bank's investment, the name of any affiliated person of 
the SBIC or the affiliated bank (or any affiliated person of the 
affiliated person of the SBIC or the affiliated bank) who has any 
interest in the transactions, the basis of the affiliation, the nature 
of the interest, and the consideration the affiliated person has 
received or will receive.
    There is one SBIC that may file the form annually.\1\ The 
Commission estimates the burden of filling out the form is 
approximately one hour per response and would likely be completed by an 
accountant or other professional. Based on past filings, the Commission 
estimates that no more than one SBIC is likely to use the form each 
year. Most of the information requested on the form should be readily 
available to the SBIC or the affiliated bank in records kept in the 
ordinary course of business, or with respect to the SBIC, pursuant to 
the recordkeeping requirements under the Act. Commission staff 
estimates that it should take approximately one hour for an accountant 
or other professional to complete the form.\2\ The estimated total 
annual burden of filling out the form is 1 hour, at an estimated total 
annual cost of $216.\3\ The Commission will not keep responses on Form 
N-17D-1 confidential.
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    \1\ As of October 22, 2019, one SBIC was registered with the 
Commission.
    \2\ This estimate of hours is based on past conversations with 
representatives of SBICs and accountants that have filed the form.
    \3\ The estimated wage figure is based on published rates for 
Senior Accountants ($216). The $216/hour figure for a Senior Account 
is from Securities Industry and Financial Markets Association's 
Management & Professional Earnings in the Securities Industry 2013, 
modified by Commission staff to account for an 1800-hour work-year 
and multiplied by 5.35 to account for bonuses, firm size, employee 
benefits and overhead.
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    The estimate of average burden hours is made solely for the 
purposes of the Paperwork Reduction Act, and is not derived from a 
comprehensive or even a representative survey or study of the costs of 
Commission rules. 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 the background documentation for this 
information collection at the following website, 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: 
Lindsay.M.Abate@omb.eop.gov; and (ii) David Bottom, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Cynthia 
Roscoe, 100 F Street NE, Washington, DC 20549 or send an email to: 
PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days 
of this notice.

    Dated: February 27, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-04349 Filed 3-2-20; 8:45 am]
 BILLING CODE 8011-01-P


