[Federal Register Volume 64, Number 132 (Monday, July 12, 1999)]
[Notices]
[Pages 37577-37578]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-17622]
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NUCLEAR REGULATORY COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Request for Public Comment
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Filings and Information Services, Washington, DC
20549
Extension:
Form N-17D-1, SEC File No. 270-231, OMB Control No. 3235-0229
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. et seq.), the Securities and Exchange Commission
(Commission) is publishing for public comment the following summary of
previously approved information collection requirements. The Commission
plans to submit these existing collections of information to the Office
of Management and Budget (OMB) for extension and approval.
Section 17(d) [15 U.S.C. 80a-17(d)] of the Investment Company Act
of 1940 (the Act) authorizes the Commission to adopt rules that protect
investment companies and their security holders from overreaching by
affiliated persons where the investment company and the affiliated
person participate jointly or jointly and severally in a transaction.
Rule 17d-1 under the Act [17 CFR 270.17d-1] prohibits any such
participation, unless an application regarding the transaction has been
filed with and approved by the Commission. 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 affiliated bank and a small business investment company (SBIC),
provided that reports about the investments are made on such forms as
the Commission may prescribe. For this purpose, Rule 17d-2 [17 CFR
270.17d-2] prescribes Form N-17D-1.
Form N-17D-1 is used by SBICs and their affiliated banks to report
any investments in a small business concern. The form provides
shareholders and persons seeking to make an informed decision about
investing in an SBIC an opportunity to learn about transactions of the
SBIC that have a high potential for overreaching at the expense of
shareholders.
Form N-17D-1 requires SBICs to report identifying information about
the small business concern and the affiliated bank. On the form, SBICs
must state, among other things, the outstanding investments in the
small business concern, the use of the proceeds of the investment made
during the reporting period, any changes in the nature and amount of
the bank's investment, the name of any affiliated person of the SBIC or
the affiliated bank (or any affiliated person of such person) who has
any interest in the transactions, the basis of the affiliation, the
nature of the interest, and the consideration received or to be
received by the affiliate.
The Commission estimates that up to 5 SBICs may use the form
annually. The estimated burden of filling out the form is approximately
5 hours per response and would likely be completed by an accountant or
other professional. At $114 per hour of time, completion of the form
will cost approximately $570 per filer. The total annual burden would
be 25 hours with a total annual cost of $2,850.
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. 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.
Written comments are requested on: (a) whether the collections of
information are necessary for the proper performance of the functions
of the Commission, including whether the information has practical
utility; (b) the accuracy of the Commission's estimate of the burdens
of the collection of information; (c) ways to enhance the quality,
utility, and clarity of the information collected; and (d) ways to
minimize the burden of the collection 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.
Direct your written comments to Michael E. Bartell, Associate
Executive Director, Office of Information Technology, Securities and
Exchange Commission, 450 5th Street, NW, Washington, DC 20549.
[[Page 37578]]
Dated: July 2, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-17622 Filed 7-9-99; 8:45 am]
BILLING CODE 8010-01-M
