[Federal Register Volume 64, Number 178 (Wednesday, September 15, 1999)]
[Notices]
[Page 50120]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-23989]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Request Under Review by Office of Management and Budget
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. 3501 et seq.), the Securities and Exchange
Commission (Commission) has submitted to the Office of Management and
Budget (OMB) a request for extension and approval of the collections of
information discussed below.
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
companies and their security holders from overreaching by affiliated
persons where the investment company and the affiliated person
participate jointly or a 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. SBICs must list,
among other things, the 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 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 hour 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 or information unless it displays a currently valid OMB
control number.
General comments regarding the above information should be directed
to the following persons: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, New Executive Office Building,
Washington, DC 20503, and (ii) Michael E. Bartell, Associate Executive
Director, Office of Information Technology, Securities and Exchange
Commission, 450 Fifth Street, NW., Washington, DC 20549. Comments must
be submitted to OMB within 30 days of this notice.
Dated: September 9, 1999.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-23989 Filed 9-14-99; 8:45 am]
BILLING CODE 8010-01-M
