Document ID: SEC-2020-0309-0003
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2022-12-09T05:00Z

[Federal Register Volume 87, Number 236 (Friday, December 9, 2022)]
[Notices]
[Pages 75686-75687]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-26815]

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SECURITIES AND EXCHANGE COMMISSION

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

Submission for OMB Review; 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'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.
    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.

[[Page 75687]]

    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 1800-
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 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 January 9, 2023 to (i) [email protected] 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: [email protected].

    Dated: December 5, 2022.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-26815 Filed 12-8-22; 8:45 am]
BILLING CODE 8011-01-P