[Federal Register Volume 61, Number 16 (Wednesday, January 24, 1996)]
[Notices]
[Page 1965]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-1036]



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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21681; 811-8940]


First Colonial Ventures, Ltd.; Notice of Proposed Deregistration

January 17, 1996.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of Proposed Deregistration under the Investment Company 
Act of 1940 (the ``Act'').

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RELEVANT ACT SECTIONS: Sections 8(f) and 54(a).

SUMMARY OF NOTICE: The SEC proposes to declare by order on its own 
motion that First Colonial Ventures, Ltd. (``First Colonial'') ceased 
to be an investment company when it elected on June 29, 1995 to be 
regulated as a business development company (``BDC'') pursuant to 
section 54(a) of the Act.

HEARING OR NOTIFICATION OF HEARING: An order of deregistration will be 
issued unless the SEC orders a hearing. Interested persons may request 
a hearing by writing to the SEC's Secretary. Hearing requests should be 
received by the SEC by 5:30 p.m. on February 12, 1996. Hearing requests 
should state the nature of the writer's interest, the reason for the 
request, and the issues contested. Persons may request notification of 
a hearing by writing to the SEC's Secretary.

ADDRESS: Secretary, SEC, 450 Fifth Street, NW., Washington, DC 20549.

FOR FURTHER INFORMATION CONTACT: Marianne H. Khawly, Staff Attorney, at 
(202) 942-0562, or Robert A. Robertson, Branch Chief, at (202) 942-0564 
(Division of Investment Management, Office of Investment Company 
Regulation).

Statement of Facts

    1. First Colonial is a registered, closed-end, diversified, 
management investment company. On January 13, 1995, First Colonial 
filed a Notification of Registration on Form N-8A pursuant to section 
8(a) of the Act and a registration statement on Form N-1A under section 
8(b) of the Act. In 1985, First Colonial first registered securities 
under the Securities Act of 1933.
    2. First Colonial is organized as a corporation under the laws of 
the state of Utah and has its principal place of business in the state 
of California.
    3. Section 54(a) of the Act provides that any company that 
satisfies the definition of a BDC under section 2(a) (48) (A) and (B) 
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 such election, if such 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.
    4. On June 29, 1995, First Colonial elected BDC status by filing a 
Form N-54A.
    5. Section 8(f) of the Act permits the SEC to deregister a 
registered investment company on its own motion if it finds that the 
company has ceased to be an investment company.
    6. Section 8 of the Act, requiring 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. Such 
an order will be made effective retroactively, as of the time the SEC 
received the company's election.\1\

    \1\ Investment Company Act Release No. 11703 (Mar. 26, 1981).
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    7. The SEC finds that First Colonial ceased to be a registered 
investment company on June 29, 1995.

    For the SEC, by the Division of Investment Management, under 
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-1036 Filed 1-23-96; 8:45 am]
BILLING CODE 8010-01-M