82 FR 53539 - Submission for OMB Review; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 220 (November 16, 2017)

Page Range		53539-53539
FR Document		2017-24754

Federal Register, Volume 82 Issue 220 (Thursday, November 16, 2017)

[Federal Register Volume 82, Number 220 (Thursday, November 16, 2017)]
[Notices]
[Page 53539]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-24754]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 
20549-2736

Extension:
    Form N-6F; SEC File No. 270-185, OMB Control No. 3235-0238

    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 (``Commission'') has submitted to the Office of Management 
and Budget a request for extension of the previously approved 
collection of information discussed below.
    The title for the collection of information is ``Form N-6F (17 CFR 
274.15), Notice of Intent to Elect to be Subject to Sections 55 through 
65 of the Investment Company Act of 1940.'' The purpose of Form N-6F is 
to notify the Commission of a company's intent to file a notification 
of election to become subject to Sections 55 through 65 of the 
Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) (``1940 
Act''). Certain companies may have to make a filing with the Commission 
before they are ready to elect to be regulated as a business 
development company.\1\ A company that is excluded from the definition 
of ``investment company'' by Section 3(c)(1) because it has fewer than 
one hundred shareholders and is not making a public offering of its 
securities may lose such an exclusion solely because it proposes to 
make a public offering of securities as a business development company. 
Such company, under certain conditions, would not lose its exclusion if 
it notifies the Commission on Form N-6F of its intent to make an 
election to be regulated as a business development company. The company 
only has to file a Form N-6F once.
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    \1\ A company might not be prepared to elect to be subject to 
Sections 55 through 65 of the 1940 Act because its capital structure 
or management compensation plan is not yet in compliance with the 
requirements of those sections.
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    The Commission estimates that on average approximately 12 companies 
file these notifications each year. Each of those companies need only 
make a single filing of Form N-6F. The Commission further estimates 
that this information collection imposes burden of 0.5 hours, resulting 
in a total annual PRA burden of 6 hours. Based on the estimated wage 
rate, the total cost to the industry of the hour burden for complying 
with Form N-6F would be approximately $2,070.
    The collection of information under Form N-6F is mandatory. The 
information provided under 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 OMB 
control number.
    The public may view the background documentation for this 
information collection at the following Web site, www.reginfo.gov. 
Comments should be directed to: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503, or by sending an email to: 
[email protected]; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email 
to: [email protected]. Comments must be submitted to OMB within 30 
days of this notice.

    Dated: November 9, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-24754 Filed 11-15-17; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 220 / Thursday, November 16, 2017 / Notices 53539

assume that the independent directors collection at the following Web site, definition of ‘‘investment company’’ by
of approximately one-third (1,036) of www.reginfo.gov. Comments should be Section 3(c)(1) because it has fewer than
those funds would need to make the directed to: (i) Desk Officer for the one hundred shareholders and is not
required determination in order for their Securities and Exchange Commission, making a public offering of its securities
counsel to meet the definition of Office of Information and Regulatory may lose such an exclusion solely
independent legal counsel.8 We Affairs, Office of Management and because it proposes to make a public
estimate that each of these 1,036 funds Budget, Room 10102, New Executive offering of securities as a business
would be required to spend, on average, Office Building, Washington, DC 20503, development company. Such company,
0.75 hours annually to comply with the or by sending an email to: Shagufta_ under certain conditions, would not
recordkeeping requirement associated Ahmed@omb.eop.gov; and (ii) Pamela lose its exclusion if it notifies the
with this determination, for a total Dyson, Director/Chief Information Commission on Form N–6F of its intent
annual burden of approximately 777 Officer, Securities and Exchange to make an election to be regulated as
hours. Based on this estimate, the total Commission, c/o Remi Pavlik-Simon,
a business development company. The
annual cost for all funds’ compliance 100 F Street NE., Washington, DC 20549
company only has to file a Form N–6F
with this rule is approximately or send an email to: PRA_Mailbox@
$168,350. To calculate this total annual sec.gov. Comments must be submitted to once.
cost, the Commission staff assumed that OMB within 30 days of this notice. The Commission estimates that on
approximately two-thirds of the total Dated: November 9, 2017. average approximately 12 companies
annual hour burden (518 hours) would Eduardo A. Aleman, file these notifications each year. Each
be incurred by a compliance manager of those companies need only make a
Assistant Secretary.
with an average hourly wage rate of single filing of Form N–6F. The
[FR Doc. 2017–24755 Filed 11–15–17; 8:45 am]
$292 per hour,9 and one-third of the Commission further estimates that this
BILLING CODE P
annual hour burden (259 hours) would information collection imposes burden
be incurred by compliance clerk with an of 0.5 hours, resulting in a total annual
average hourly wage rate of $66 per SECURITIES AND EXCHANGE PRA burden of 6 hours. Based on the
hour.10 COMMISSION estimated wage rate, the total cost to the
These burden hour estimates are industry of the hour burden for
based upon the Commission staff’s Submission for OMB Review; complying with Form N–6F would be
experience and discussions with the Comment Request approximately $2,070.
fund industry. The estimates of average
burden hours are made solely for the Upon Written Request, Copies Available The collection of information under
purposes of the Paperwork Reduction From: Securities and Exchange Form N–6F is mandatory. The
Act. These estimates are not derived Commission, Office of FOIA Services, information provided under the form is
from a comprehensive or even a 100 F Street NE., Washington, DC not kept confidential. An agency may
representative survey or study of the 20549–2736 not conduct or sponsor, and a person is
costs of Commission rules. Extension: not required to respond to, a collection
Compliance with the collection of Form N–6F; SEC File No. 270–185, OMB of information unless it displays a
information requirements of the rule is Control No. 3235–0238 currently valid OMB control number.
mandatory and is necessary to comply Notice is hereby given that, pursuant The public may view the background
with the requirements of the rule in to the Paperwork Reduction Act of 1995 documentation for this information
general. An agency may not conduct or (44 U.S.C. 3501 et seq.), the Securities collection at the following Web site,
sponsor, and a person is not required to and Exchange Commission
respond to, a collection of information www.reginfo.gov. Comments should be
(‘‘Commission’’) has submitted to the directed to: (i) Desk Officer for the
unless it displays a currently valid Office of Management and Budget a
control number. Securities and Exchange Commission,
request for extension of the previously Office of Information and Regulatory
The public may view the background approved collection of information
documentation for this information Affairs, Office of Management and
discussed below.
The title for the collection of Budget, Room 10102, New Executive
percent (3,108) actually rely on at least one
information is ‘‘Form N–6F (17 CFR Office Building, Washington, DC 20503,
exemptive rules annually. or by sending an email to: Shagufta_
8 We assume that the independent directors of the 274.15), Notice of Intent to Elect to be
Subject to Sections 55 through 65 of the Ahmed@omb.eop.gov; and (ii) Pamela
remaining two-thirds of those funds will choose not
to have counsel, or will rely on counsel who has Investment Company Act of 1940.’’ The Dyson, Director/Chief Information
not recently represented the fund’s management purpose of Form N–6F is to notify the Officer, Securities and Exchange
organizations or control persons. In both Commission, c/o Remi Pavlik-Simon,
circumstances, it would not be necessary for the Commission of a company’s intent to
fund’s independent directors to make a file a notification of election to become 100 F Street NE., Washington, DC 20549
determination about their counsel’s independence. subject to Sections 55 through 65 of the or send an email to: PRA_Mailbox@
9 The estimated hourly wages used in this PRA
Investment Company Act of 1940 (15 sec.gov. Comments must be submitted to
analysis were derived from the Securities Industry OMB within 30 days of this notice.
and Financial Markets Association Reports on
U.S.C. 80a–1 et seq.) (‘‘1940 Act’’).
Management and Professional Earnings in the Certain companies may have to make a Dated: November 9, 2017.
filing with the Commission before they
asabaliauskas on DSKBBXCHB2PROD with NOTICES

Securities Industry (2013) (modified to account for
an 1800-hour work year and multiplied by 5.35 to Eduardo A. Aleman,
are ready to elect to be regulated as a
account for bonuses, firm size, employee benefits
business development company.1 A Assistant Secretary.
and overhead) (adjusted for inflation), and Office [FR Doc. 2017–24754 Filed 11–15–17; 8:45 am]
Salaries in the Securities Industry (2013) (modified company that is excluded from the
to account for an 1800-hour work year and BILLING CODE 8011–01–P
multiplied by 2.93 to account for bonuses, firm size, 1A company might not be prepared to elect to be
employee benefits and overhead) (adjusted for subject to Sections 55 through 65 of the 1940 Act
inflation). because its capital structure or management
10 (518 × $292/hour) + (259 × $66/hour) = compensation plan is not yet in compliance with
$168,350. the requirements of those sections.

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Document Created: 2017-11-16 03:53:14
Document Modified: 2017-11-16 03:53:14

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		82 FR 53539