Document ID: SEC-2020-0309-0002
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2022-10-04T04:00Z

[Federal Register Volume 87, Number 191 (Tuesday, October 4, 2022)]
[Notices]
[Pages 60231-60232]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-21444]

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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-231, OMB Control No. 3235-0229]

Proposed Collection; Comment Request; Extension: Form N-17D-1

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-3520), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collections 
of information summarized below. 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 (``Act'') authorizes the Commission to adopt rules that protect 
funds and their security holders from overreaching by affiliated 
persons when the fund and the affiliated person participate in any 
joint enterprise or other joint arrangement or profit-sharing plan. 
Rule 17d-1 under the Act (17 CFR 270.17d-1) prohibits funds and their 
affiliated persons from participating in a joint enterprise, unless an 
application regarding the transaction has been filed with and approved 
by the Commission. Subparagraph (d)(3) of the rule provides an 
exemption from this requirement for any loan or credit advance to, or 
acquisition of securities or other property of, a small business 
concern, or any agreement to do any of these transactions 
(``investments'') made by a small business investment company 
(``SBIC'') and a bank that is an affiliated person of (1) the SBIC or 
(2) an affiliated person of the SBIC (``affiliated bank''). The 
exemption requires the Commission to prescribe reports about the 
investments, and the Commission has designated Form N-17D-1 (``form'') 
as the form for reports required by rule 17d-1(d)(3).\1\
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    \1\ See 17 CFR 270.17d-2.
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    SBICs and their affiliated banks use form N-17D-1 to report any 
contemporaneous 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 the potential for self-dealing and other forms of 
overreaching by affiliated persons at the expense of shareholders.
    Form N-17D-1 requires SBICs and their affiliated banks to report 
identifying information about the small business concern and the 
affiliated bank. The report must include, among other things, the 
SBIC's and affiliated bank's 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 affiliated bank's investment, the name of any affiliated person of 
the SBIC or the affiliated bank (or any affiliated person of the 
affiliated person of the SBIC or the affiliated bank) who has any 
interest in the transactions, the basis of the affiliation, the nature 
of the interest, and the consideration the affiliated person has 
received or will receive.
    There are no SBICs currently registered with the Commission and, 
thus, we estimate that annually there will be no transactions that 
trigger the obligations to file the form.\2\ The Commission requests 
authorization to maintain an inventory of one burden hour to ease 
future renewals of Form N-17D-1's collection of information analysis 
should an SBIC register with the Commission in the future and engage in 
a transaction that would necessitate reporting on the form. If an SBIC 
were to file on Form N-17D-1, we estimate the cost would be $237.\3\ 
The Commission will not keep responses on Form N-17D-1 confidential.
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    \2\ The Commission has not received a filing on Form N-17D-1 
since March 23, 1987.
    \3\ The estimated wage figure is based on published rates for 
Senior Accountants ($237). The $237/hour figure for a Senior 
Accountant is from Securities Industry and Financial Markets 
Association's Management & Professional Earnings in the Securities 
Industry 2013, modified by Commission staff to account for an 1,800-
hour work-year and multiplied by 5.35 to account for bonuses, firm 
size, employee benefits and overhead.
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    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. 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 invited on: (a) whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the Commission, including whether the information 
shall have practical utility; (b) the accuracy of the Commission's 
estimate of the burden 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 by December 5, 2022.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information

[[Page 60232]]

under the PRA unless it displays a currently valid OMB control number.
    Please direct your written comments to: David Bottom, Acting 
Director/Chief Information Officer, Securities and Exchange Commission, 
c/o John Pezzullo, 100 F Street NE, Washington, DC 20549 or send an 
email to: [email protected].

    Dated: September 28, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-21444 Filed 10-3-22; 8:45 am]
BILLING CODE 8011-01-P