77648 Federal Register / Vol. 88, No. 217 / Monday, November 13, 2023 / Notices 

3The industry burden is calculated by 

multiplying the total annual hour burden to prepare 

Form N–54C (seven) by the estimated hourly wage 

rate of $425 for a compliance attorney or other 

business development company employee with 

similar duties and responsibilities. The estimated 

wage figure is based on published rates for 

compliance attorneys from the Securities Industry 

and Financial Markets Association’s Report on 

Management & Professional Earnings in the 

Securities Industry 2013, modified by Commission 

staff to account for an 1800 hour work-year and 

inflation, and multiplied by 5.35 to account for 

bonuses, firm size, employee benefits and overhead, 

yielding an effective hourly rate of $2,975. 

1This estimate is based on the following 

calculation: 1.25 × $252 (fund senior accountant’s 

hourly rate) = $315. 

2This estimate is based on the following 

calculation: .75 × $94 (administrative assistant 

hourly rate) = $70.50. 

3This estimate is based on the following 

calculation: 165 funds × $1,156.50 (total annual cost 

per fund) = $190,822.50. 

development company withdraws its 

election to be subject to Sections 55 

through 65 of the Investment Company 

Act. 

The Commission estimates that on 

average approximately seven business 

development companies file 

notifications on Form N–54C each year. 

Each of those business development 

companies need only make a single 

filing of Form N–54C. The Commission 

further estimates that this information 

collection imposes a burden of one 

hour, resulting in a total annual burden 

of seven hours. Based on the estimated 

wage rate, the total cost to the business 

development company industry of the 

hour burden for complying with Form 

N–54C would be approximately $2,975.3

Futher, based on an estimated external 

cost burden of $80 per filing, the total 

estimated annual external cost burden 

to the business development company 

industry for complying with Form N– 

54C would be $560. 

The collection of information under 

Form N–54C is mandatory. The 

information provided by the form is not 

kept confidential. 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 background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice by December 13, 2023 to (i) 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, c/ 

o John Pezzullo, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: November 7, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–24952 Filed 11–9–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–317, OMB Control No. 

3235–0360] 

Submission for OMB Review; 

Comment Request; Extension: Form 

N–17f–2 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 350l et seq.), the Securities 

and Exchange Commission (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Form N–17f–2 (17 CFR 274.220) 

under the Investment Company Act is 

entitled ‘‘Certificate of Accounting of 

Securities and Similar Investments in 

the Custody of Management Investment 

Companies.’’ Form N–17f–2 is the cover 

sheet for the accountant examination 

certificates filed under rule 17f–2 (17 

CFR 270.17f–2) by registered 

management investment companies 

(‘‘funds’’) maintaining custody of 

securities or other investments. Form 

N–17f–2 facilitates the filing of the 

accountant’s examination certificates 

prepared under rule 17f–2. The use of 

the form allows the certificates to be 

filed electronically, and increases the 

accessibility of the examination 

certificates to both the Commission’s 

examination staff and interested 

investors by ensuring that the 

certificates are filed under the proper 

Commission file number and the correct 

name of a fund. 

Commission staff estimates that it 

takes: (i) on average 1.25 hours of fund 

accounting personnel at a total cost of 

$315 to prepare each Form N–17f–2; 1

and (ii) .75 hours of administrative 

assistant time at a total cost of $70.50 to 

file the Form N–17f–2 with the 

Commission.2 Approximately 165 funds 

currently file Form N–17f–2 with the 

Commission. Commission staff 

estimates that on average each fund files 

Form N–17f–2 three times annually for 

a total annual hourly burden per fund 

of approximately 6 hours at a total cost 

of $1,156.50. The total annual hour 

burden for Form N–17f–2 is therefore 

estimated to be approximately 990 

hours with a total cost of approximately 

$190,822.50.3 Form N–17f–2 does not 

impose any paperwork-related cost 

burden other than this internal hour 

cost. 

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 and forms. 

Complying with the collections of 

information required by Form N–17f–2 

is mandatory for those funds that 

maintain custody of their own assets. 

Responses will not be kept confidential. 

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 background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice by December 13, 2023 to (i) 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, c/ 

o John Pezzullo, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: November 7, 2023. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–24951 Filed 11–9–23; 8:45 am] 

BILLING CODE 8011–01–P 


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