[Federal Register Volume 62, Number 228 (Wednesday, November 26, 1997)]
[Notices]
[Pages 63208-63209]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-31018]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-22898]
Allied Capital Corporation (File No. 811-907) and Allied Capital
Lending Corporation (File No. 811-2708); Notice of Proposed
Deregistration
November 20, 1997.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of proposed deregistration under section 8(f) of the
Investment Company Act of 1940 (the ``Act'').
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SUMMARY OF NOTICE: The SEC proposes to declare by order on its own
motion that the registrations of Allied Capital Corporation
(``Allied'') and Allied Capital Lending Corporation (``Allied
Lending'') under the Act have ceased to be in effect as of June 28,
1991, and November 12, 1993, respectively, the dates that each elected
to be regulated as a business development company (``BDC'').
HEARING OR NOTIFICATION OF HEARING: An order will be issued unless the
SEC orders a hearing. Interested persons may request a hearing by
writing to the SEC's Secretary and serving the relevant registrant with
a copy of the request, personally or by mail. Hearing requests should
be received by the SEC by 5:30 p.m. on December 15, 1997, and should be
accompanied by proof of service on the registrant, in the form of an
affidavit or, for lawyers, a certificate of service. Hearing requests
should state the nature of the writer's interest, the reason for the
request, and the issues contested. Persons who wish to be notified of a
hearing may request notification by writing to the SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, D.C.
20549. Allied and Allied Lending: 1666 K Street, N.W., 9th Floor,
Washington, D.C. 20006-2803.
FOR FURTHER INFORMATION CONTACT:
Elaine M. Boggs, Senior Counsel, at (202) 942-0572, or Mercer E.
Bullard, Branch Chief, at (202) 942-0572, (Office of Investment Company
Regulation, Division of Investment Management).
SUPPLEMENTARY INFORMATION:
Statement of Facts
1. Allied and Allied Lending, both Maryland corporations and
closed-end investment companies registered under the Act, filed
Notifications of Registration under the Act on September 29, 1959 and
November 23, 1976, respectively. In January 1960, Allied began a public
offering. Until November 23, 1993, Allied Lending was a wholly-owned
subsidiary of Allied. Allied Lending filed a registration statement
under the Act and the Securities Act of 1933 that became effective on
November 16, 1993. Allied commenced an initial public offering of its
shares on November 23, 1997.
2. Section 54(a) of the Act provides that any company that
satisfies the definition of a BDC under sections 2(a)(48) (A) and (B)
of the Act may elect to be subject to the provisions of sections 55
through 65 of the Act and be regulated as a BDC by filing with the SEC
a notification of the election, if the 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 June 28, 1991, and November 12,
1993, Allied and Allied Lending, respectively, each elected BDC status
by filing a Form N-54A. Allied Lending filed a registration statement
under the Exchange Act on November 12, 1993. Allied did not file a
registration statement under the Exchange Act in reliance on the
exemption provided by rule 12g-2 under the Exchange Act.
3. 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. The order will be effective retroactively, as of the date the
SEC
[[Page 63209]]
received the company's election. See Investment Company Act Release No.
11703 (March 26, 1981).
For the Commission, by the Division of Investment Management,
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-31018 Filed 11-25-97; 8:45 am]
BILLING CODE 8010-01-M
