SEC Keeps a Half-Hour Form Alive for Two Dozen Companies
Published Date: 10/28/2026
Notice
Summary
The Securities and Exchange Commission is extending the approval for Form N-54A, which business development companies use to tell the SEC they want to be regulated under special rules. About 25 companies file this form each year, spending just half an hour and around $470 to complete it. This extension keeps things smooth and affordable for these companies, with no big changes or extra costs coming their way anytime soon.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Mandatory Form N-54A filing burden
If your company elects to be regulated as a business development company, you must file Form N-54A with the SEC. About 25 companies file this each year; each filing takes about 0.5 hours at an estimated $470.50 per hour (about $235.25 per filing), for a total annual time burden of 12.5 hours and an industry cost of about $5,881.25.
Filed information not kept confidential
Information provided on Form N-54A is not kept confidential by the Commission, so companies that file should expect their notification to be publicly available. The collection is mandatory under the Investment Company Act for companies electing business development company status.
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