Document ID: SEC-2012-1274-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals: Form N-5
Posted Date: 2012-08-06T00:00Z

[Federal Register Volume 77, Number 151 (Monday, August 6, 2012)]
[Notices]
[Pages 46774-46775]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-19084]

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SECURITIES AND EXCHANGE COMMISSION

Proposed Collection; Comment Request

Upon Written Request, Copy Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Form N-5, SEC File No. 270-172, OMB Control No. 3235-0169.

    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 (the ``Commission'') is soliciting comments on the 
collection of information summarized below. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget for extension and approval.
    Form N-5 (17 CFR 239.24 and 274.5)--Registration Statement of Small 
Business Investment Companies Under the Securities Act of 1933 (15 
U.S.C. 77a et seq.) and the Investment Company Act of 1940 (15 U.S.C. 
80a-1 et seq.) Form N-5 is the integrated registration

[[Page 46775]]

statement form adopted by the Commission for use by a small business 
investment company which has been licensed as such under the Small 
Business Investment Act of 1958 and has been notified by the Small 
Business Administration that the company may submit a license 
application, to register its securities under the Securities Act of 
1933 (``Securities Act''), and to register as an investment company 
under section 8 of the Investment Company Act of 1940 (``Investment 
Company Act''). The purpose of registration under the Securities Act is 
to ensure that investors are provided with material information 
concerning securities offered for public sale that will permit 
investors to make informed decisions regarding such securities. The 
Commission staff reviews the registration statements for the adequacy 
and accuracy of the disclosure contained therein. Without Form N-5, the 
Commission would be unable to carry out the requirements of the 
Securities Act and the Investment Company Act for registration of small 
business investment companies. The respondents to the collection of 
information are small business investment companies seeking to register 
under the Investment Company Act and to register their securities for 
sale to the public under the Securities Act.
    Based on discussions with fund representatives and the Commission's 
experience with the filing of Form N-5 and with disclosure documents 
generally, we estimate that the reporting burden of compliance with 
Form N-5 is approximately 352 hours per respondent. The Commission has 
received one Form N-5 filing in the last three years, for an average 
annual hourly burden of 117 hours. The cost of compliance varies 
considerably depending on factors such as whether a filing is a new 
registration statement or an update to a previously effective 
registration statement; whether the fund being registered presents 
novel or complex legal issues or is similar to other funds; whether 
amendments are required in response to staff comments; and whether 
outside counsel and accountants are necessary for preparation of the 
filing. Based on discussions with fund representatives and the 
Commission's experience with the filing of Form N-5 and with comparable 
disclosure documents, we estimate that the cost of compliance may range 
from less than $15,000 (for a routine filing) to over $60,000 (for a 
registration statement presenting significant legal issues per 
response) with an average cost per filing of $30,000. There has been 
one Form N-5 filing in the last three years. We therefore estimate that 
the average annual cost burden to the industry is $10,000.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency'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 in writing within 60 
days of this publication.
    Please direct your written comments to Thomas Bayer, Director/Chief 
Information Officer, Securities and Exchange Commission, C/O Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an 
email to: PRA_Mailbox@sec.gov.

    Dated: July 31, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-19084 Filed 8-3-12; 8:45 am]
BILLING CODE 8011-01-P