The Securities and Exchange Commission (SEC) has requested an extension from the Office of Management and Budget (OMB) to continue the use of Form N-54C under the Paperwork Reduction Act of 1995. This form allows business development companies to officially notify their withdrawal from being subject to specific regulations. The SEC estimates that around eight companies file this form annually, taking about one hour per submission. The total estimated cost for these filings, including outside professional fees, is about $3,504 annually. The public can view and comment on this information collection online.
Simple Explanation
The SEC wants to keep using a form that helps certain companies say, "We don't need to follow these rules anymore," with permission from another group called the OMB. This process might cost businesses a lot of money, and some people think the costs could be too high or out of date.