The Securities and Exchange Commission (SEC) has requested an extension for the information collection of Form N-54A, which investment companies use to notify the SEC of their election to be regulated as business development companies. This form is mandatory and aims to help the SEC administer specific provisions of the Investment Company Act of 1940. On average, about seven companies file this notification annually, with a total burden of 3.5 hours and an estimated cost of $1,288 to the industry. Public comments on the information collection are invited and can be submitted via the provided contact details.
Simple Explanation
The SEC wants to keep using a form that lets certain companies tell them they want to be part of a special group that follows certain rules. This form takes a little bit of time and money to fill out, and people can say what they think about it.