SEC Extends Form N-14 for Investment Company Mergers
Published Date: 1/16/2026
Notice
Summary
The SEC is asking for comments to keep using Form N-14, which helps companies share important info when they merge or offer new securities. This form affects investment companies and business development companies, making sure investors get the facts they need. About 233 filings happen each year, and the process stays pretty much the same with no new costs or big changes.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Large time burden on filers
Filing a new Form N-14 is estimated to take about 590 hours per filing, and amending a Form N-14 is estimated at about 300 hours per amendment. The SEC estimates about 141 new statements and 92 amendments per year, for a total annual internal burden of approximately 103,685 hours.
Annual outside-costs to prepare filings
The SEC estimates the total annual cost burden for goods and services to prepare and update Form N-14 registration statements at approximately $3,401,800, for items such as services of outside counsel. This is an annual paperwork-related expense tied to preparing and amending these registration statements.
Form N-14 keeps investor disclosures
Form N-14 continues to be the registration form that management investment companies and business development companies use when they do certain mergers, exchange offers, or reofferings. Its main purpose is to make material information about the securities being issued available to investors, and the SEC estimates about 233 Form N-14 filings happen each year.
Filings are not confidential
Responses to the Form N-14 information collection will not be kept confidential, meaning material submitted on the registration statements is publicly available. Compliance with Form N-14 is mandatory under the Securities Act.
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