eliminating the requirement that registrants file with the Form N-14
registration statement the documents containing the information that is
incorporated by reference into the prospectus or SAI, thus decreasing

compliance costs. Commenters generally supported these changes.\458\
---------------------------------------------------------------------------

    \457\ See supra section II.B.3.b.
    \458\ See Dechert Comment Letter; IPA Comment Letter.
---------------------------------------------------------------------------

5. Automatic or Immediate Effectiveness of Filings by Affected Funds
Conducting Certain Continuous Offerings
    In response to comments, the final rule will allow any registered
CEF or BDC that conducts continuous offerings under rule 415(a)(1)(ix)
to file post-effective amendments and certain registration statements
that become effective immediately upon filing or automatically 60 days
after filing.\459\ We believe this rule amendment will allow these
unlisted continuously-offered affected funds to maintain effective
registration statements in a more efficient, cost-effective manner,
similar to the benefits the final rule provides to affected funds that
file short-form registration statements or qualify as WKSIs. Under the
amendments, continuously-offered unlisted affected funds, which
generally will not qualify as WKSIs or be eligible to file short-form
registration statements because they do not have public float, will be
able to more efficiently update their financial statements under
section 10(a)(3) of the Securities Act to maintain effective
registration statements while they engage in continuous offerings. One
commenter stated that allowing continuously-offered unlisted affected
funds to rely on rule 486 would benefit investors in these funds by
allowing the funds to avoid the time and expense of an annual staff
review of registration statements where no changes are made beyond
immaterial updates and updates to audited financial information.\460\
---------------------------------------------------------------------------

    \459\ See supra section II.D.
    \460\ See ABA Comment Letter.
---------------------------------------------------------------------------

    As an alternative, we could have continued to limit rule 486 to
interval funds. Such an alternative would have made it less efficient
for certain continuously-offered unlisted affected funds to update
their financial statements or make other changes to their registration
statements relative to the processes available to all other funds that
conduct continuous or delayed offerings under the Commission's rules.

IV. Paperwork Reduction Act Analysis

    A. Background
    Certain provisions of the final amendments contain ``collection of
information'' requirements within the meaning of the Paperwork
Reduction Act of 1995 (PRA).\461\ We are submitting the final
amendments to the Office of Management and Budget (OMB) for review in
accordance with 44 U.S.C. 3507(d) and 5 CFR 1320.11. The hours and
costs associated with preparing disclosure, filing forms, and retaining
records constitute reporting and cost burdens imposed by the
collections of information. 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 control number. The titles for the
collection of information are summarized in Table 5 below.
---------------------------------------------------------------------------

    \461\ 44 U.S.C. 3501 et seq.

                   Table 5--Collections of Information
------------------------------------------------------------------------
                                                            OMB control
                          Title                                 No.
------------------------------------------------------------------------
Form N-2................................................       3235-0026
Investment Company Interactive Data \1\.................       3235-0642
Rule 30e-1..............................................       3235-0025
Form 10-K...............................................       3235-0063
Family of rules under section 8(b) of the Investment           3235-0176
 Company Act of 1940 \2\................................
Rule 163................................................       3235-0619
Rule 433................................................       3235-0617
Rule 173................................................       3235-0618
Form 24F-2..............................................       3235-0456
Form S-1................................................       3235-0065
Form S-3................................................      3235- 0073
Form N[dash]14..........................................       3235-0336
Form F-1................................................       3235-0258
Form F-3................................................       3235-0256
------------------------------------------------------------------------
Notes:
\1.\ Recently, we issued a release that, among other things, retitled
  this collection of information (previously, ``Mutual Fund Interactive
  Data'') ``Investment Company Interactive Data.'' See Variable Contract
  Summary Prospectus Adopting Release, supra footnote 345.
\2.\ The paperwork burdens for the rules under section 8(b) of the
  Investment Company Act are imposed through the forms and reports that
  are subject to the requirements in these rules and are reflected in
  the PRA burdens of those documents. To avoid a PRA inventory
  reflecting duplicative burdens and for administrative convenience, we
  assign a one-hour burden to these rules.

    The rules, forms, and regulations listed above were adopted under
the Securities Act, the Exchange Act, or the Investment Company Act.
They set forth the disclosure requirements for registration statements,
prospectuses, periodic reports, and certified shareholder reports that
are prepared by registrants to help investors make informed investment
and voting decisions. They also permit additional communications by
registrants during a registered offering. The final amendments will
allow affected funds to use the securities offering rules that are
already available to operating companies. In addition, the final rule
includes amendments to our rules and forms intended to tailor the
disclosure and regulatory framework to affected funds.
    The Investment Company Interactive Data collection of information
references current requirements for certain registered investment
companies to submit to the Commission information included in their
registration statements, or information included in or amended by any
post-effective amendments to such registration statements, in response
to certain form items in interactive data format. It also references
the requirement for funds to submit an Interactive Data File to the
Commission for any form of prospectus filed pursuant to rule 497(c) or
(e) that includes information in response to certain form items. The
final amendment will include several new structured data requirements,
including requirements for: (1) BDCs to submit financial statement
information using Inline XBRL format; (2) affected funds to include
structured cover page information in their registration statements on
Form N-2 using Inline XBRL format; and (3) affected funds to tag
certain prospectus information using Inline XBRL format.\462\ Although
the interactive data filing requirements are included in the Form N-2
instructions, we are separately reflecting the hour and cost burdens
for these requirements in the burden estimate for Investment Company
Interactive Data and not in the estimate for Form N-2.
---------------------------------------------------------------------------

    \462\ We are also adopting new requirements for funds that file
on Form 24F-2 to submit the form in XML format. We account for the
burdens associated with this requirement in infra section IV.B.6.
---------------------------------------------------------------------------

    The information collection requirements related to registration
statements and Exchange Act reports are mandatory. In addition, there
is no mandatory retention period for the information disclosed, and the
information gathered will be made publicly available. The information
collection requirements related to the communications and prospectus
delivery rules we are adopting apply only to affected funds and other
offering participants choosing to rely on them. There will be a
mandatory record retention period with respect to the communications
and prospectus delivery information collections. Under rule 433,
issuers and offering participants must retain all free writing
prospectuses that have been used, for three years following the date of
the initial bona fide offering of the securities in question that were
not filed with the Commission. Moreover, free writing prospectuses that
are made by or on behalf of an affected fund, and free

writing prospectuses that are broadly disseminated by another offering
participant, will have to be filed and will be publicly available on
EDGAR, whereas free writing prospectuses prepared by or on behalf of,
or used or referred to, by offering participants other than the issuer
will not have to be filed.

B. Summary of the Amendments and Impact on Information Collections

    We are amending several rules and forms to modify the registration,
communications, and offering processes for affected funds under the
Securities Act and Investment Company Act. The amendments are designed
to carry out the requirements of section 803 of the BDC Act and section
509 of the Registered CEF Act. The amendments generally will allow
affected funds to use the securities offering rules that are already
available to operating companies.
    The amendments principally affect five aspects of the application
of our securities offering rules to affected funds. First, the
amendments will streamline the registration process under the
Securities Act for affected funds to allow them to sell securities more
quickly and efficiently under a shelf registration process tailored to
affected funds. Second, the amendments will allow affected funds to
qualify as WKSIs under rule 405 under the Securities Act. Third, the
amendments will allow affected funds to satisfy final prospectus
delivery requirements using the same method as operating companies.
Fourth, the amendments will allow affected funds to use communications
rules currently available to operating companies, such as the use of
the safe harbors for disseminating certain factual business
information, forward-looking information, a ``free writing
prospectus,'' and broker-dealer research reports. Finally, the
amendments will tailor affected funds' disclosure and regulatory
framework in light of the amendments to the offering rules applicable
to them. These amendments include new structured data requirements, new
disclosure requirements for annual reports, and a requirement for
interval funds to pay securities registration fees using the same
method that mutual funds and ETFs use today.
    We anticipate that several provisions of the amendments will
increase the burdens and costs for affected funds that will be subject
to the amendments. We have estimated the average number of hours an
affected fund will spend to prepare and file the information
collections and the average hourly rate for the services of outside
professionals. In deriving our estimates, we recognize that the burdens
will likely vary among individual affected funds based on a number of
factors, including their size and the nature of their investment
activities.\463\ In addition, some affected funds may experience costs
in excess of our estimates, and some may experience less than the
estimated average costs.
---------------------------------------------------------------------------

    \463\ See supra footnotes 355 and 357.
---------------------------------------------------------------------------

    In addition to these amendments relating to affected funds, we are
amending several rules and forms to enable certain ETPs that are not
registered under the Investment Company Act to elect to register
offerings of an indeterminate amount of exchange-traded vehicle
securities and pay registration fees for these offerings on an annual
net basis. We have estimated the average number of additional hours
that such ETPs will spend when filing registration statements for these
offerings to prepare and file the information collections and the
average hourly rate for the services of outside professionals. We
anticipate that the amendments will result in a decrease in the number
of registration statements filed by these issuers and that, overall,
these amendments will reduce the burdens and costs for these issuers.
1. Amendments to Form N-2 Registration Statement
    Form N-2 is the form used by an affected fund to register offerings
under the Securities Act and, as applicable, to register as an
investment company under the Investment Company Act.
    The amendments to Form N-2 will increase the existing disclosure
burdens of the form by requiring:
     Affected funds to use new check boxes on the cover page to
provide information about the fund, the purpose of the filing, and the
type of offering, including whether the form is being used for
automatic shelf registration; \464\
---------------------------------------------------------------------------

    \464\ See supra section II.I.1.b; see also amended cover page of
Form N-2.
---------------------------------------------------------------------------

     BDCs to include financial highlights disclosure in their
registration statements, as registered CEFs are currently required to
do; \465\
---------------------------------------------------------------------------

    \465\ See supra section II.I.2.c; see also Instruction 1 to Item
4 of amended Form N-2.
---------------------------------------------------------------------------

     Affected funds to provide new undertakings to be furnished
in registration statements being filed pursuant to rule 415; \466\ and
---------------------------------------------------------------------------

    \466\ See supra footnote 63 and accompanying paragraph; see also
Items 34.3-7 of amended Form N-2.
---------------------------------------------------------------------------

     Affected funds to make certain documents available online
if they incorporate them by reference, including the prospectus, SAI,
and any Exchange Act reports filed under section 13 or section 15(d) of
the Exchange Act that are incorporated by reference into the fund's
prospectus or SAI.\467\
---------------------------------------------------------------------------

    \467\ See supra section II.I.4; see also General Instruction
F.4.a of amended Form N-2.
---------------------------------------------------------------------------

    At the same time, the amendments to Form N-2 will decrease existing
burdens for the form by:
     Permitting eligible affected funds to forward incorporate
by reference Exchange Act reports, which will reduce the need for such
funds to file a post-effective amendment or a prospectus supplement to
update information in the registration statement.\468\
---------------------------------------------------------------------------

    \468\ See supra section II.B.3.e; see also General Instruction
F.3.b of amended Form N-2.

                             Table 6--Currently Approved Form N-2 PRA Estimates \1\
----------------------------------------------------------------------------------------------------------------
                                   Internal                                Cost of internal     Annual external
                                    burden             Wage rate \2\            burden            cost burden
----------------------------------------------------------------------------------------------------------------
                                    Burden per Initial Registration Statement
----------------------------------------------------------------------------------------------------------------
Total burden per registration      517.6 hours   x   $269 (blended      $139,234.............  $32,241
 statement.                                           rate of $365 for
                                                      compliance
                                                      attorney and
                                                      $172 for
                                                      intermediate
                                                      accountant).
Number of annual initial                 x 136       .................  x 136................  x 136
 registration statements.
                               ---------------------------------------------------------------------------------

    Total annual burden.......    70,394 hours       .................  $18,935,824..........  $4,384,776
----------------------------------------------------------------------------------------------------------------
                                       Burden per Post-Effective Amendment
----------------------------------------------------------------------------------------------------------------
Total burden per post-               125 hours   x   $269 (blended      $33,625..............  $11,114
 effective amendment.                                 rate of $365 for
                                                      compliance
                                                      attorney and
                                                      $172 for
                                                      intermediate
                                                      accountant).
Number of annual post-                    x 30  ...  .................  x 30.................  x 30
 effective amendments.
                               ---------------------------------------------------------------------------------
    Total annual burden.......     3,751 hours       .................  $1,008,750...........  $333,420
                               ---------------------------------------------------------------------------------
                                                  Total Burden
----------------------------------------------------------------------------------------------------------------
Total initial registration        70,394 hours       .................  $18,935,824..........  $4,384,776
 statement burden.
Total post-effective amendment     3,751 hours       .................  $1,008,750...........  $333,420
 burden.
                               ---------------------------------------------------------------------------------
    Total annual burden.......    74,145 hours       .................  19,944,574...........  4,718,196
----------------------------------------------------------------------------------------------------------------
Notes:
\1.\ These estimates were previously submitted to OMB in connection with a revision of the then-currently-
  approved collection in 2020.
\2.\ Derived from SIFMA's Management & Professional Earnings in the Securities Industry 2013 (modified to
  account for an 1,800[dash]hour work year; multiplied by 5.35 to account for bonuses, firm size, employee
  benefits and overheard, and adjusted for inflation).

                                  Table 7--Proposed Form N-2 PRA Estimates \1\
----------------------------------------------------------------------------------------------------------------
                                   Internal                                Cost of internal     Annual external
                                    burden             Wage rate \2\            burden            cost burden
----------------------------------------------------------------------------------------------------------------
                                    Burden for Initial Registration Statement
----------------------------------------------------------------------------------------------------------------
Preparing and filing initial      171.67 hours   x   $401 (attorney)..  $68,838.33...........  $31,941
 registration statement.
                                  171.67 hours   x   $210 (paralegal).  $36,050..............  .................
                                  171.67 hours   x   $449 (assistant    $77,078.33...........  .................
                                                      general counsel).
Total burden per registration        515 hours       .................  $181,966.67..........  $31,941
 statement.
Number of annual initial                 x 138       .................  x 138................  x 138
 registration statements.
                               ---------------------------------------------------------------------------------
    Total annual burden.......    71,070 hours       .................  $25,111,399.08.......  $4,407,858
----------------------------------------------------------------------------------------------------------------
                                       Burden for Post-Effective Amendment
----------------------------------------------------------------------------------------------------------------
Preparing and filing post-         35.67 hours   x   $401 (attorney)..  $14,302.33...........  $10,814
 effective amendments.
                                   35.67 hours   x   $210 (paralegal).  $7,490...............  .................
                                   35.67 hours   x   $449 (assistant    $16,014.33...........  .................
                                                      general counsel).
Total burden per post-               107 hours       .................  $37,806.67...........  $10,814
 effective amendment.
Number of annual post-                   x 190       .................  x 190................  x 190
 effective amendments.
                               ---------------------------------------------------------------------------------
    Total annual burden.......    20,330 hours       .................  $7,183,266.70........  $2,054,660
----------------------------------------------------------------------------------------------------------------
                                      Additional Burden for Affected Funds
----------------------------------------------------------------------------------------------------------------
Proposed new check box                  0.1667   x   $352 (compliance   $58.67...............  $0
 requirements.                                        attorney).
                                        0.1667   x   $319 (senior       $53.17...............  .................
                                                      programmer).
                                        0.1667   x   $239 (webmaster).  $39.83...............  .................
Proposed online availability        0.67 hours   x   $352 (compliance   $234.67..............
 requirement.                                         attorney).
                                    0.67 hours   x   $319 (senior       $212.67..............  $0
                                                      programmer).
                                    0.67 hours   x   $239 (webmaster).  $159.33..............  .................
Total additional burden per          2.5 hours       .................  $758.33..............  $0
 affected fund.
Number of affected funds......           x 807       .................  x 807................  x 807
                               ---------------------------------------------------------------------------------
    Total annual burden.......     2,018 hours       .................  $611,975.............  $0
----------------------------------------------------------------------------------------------------------------
                                           Additional Burden for BDCS
----------------------------------------------------------------------------------------------------------------
Financial highlights                 0.5 hours   x   $352 (compliance   $176.................  $0
 requirement.                                         attorney).
                                     0.5 hours   x   $319 (senior       $159.50..............  .................
                                                      programmer).

                                     0.5 hours   x   $239 (webmaster).  $119.50..............  .................
Total additional burden per          1.5 hours       .................  $455.................  $0
 BDC.
Number of BDCs................           x 103       .................  x 103................  x 103
                               ---------------------------------------------------------------------------------
    Total annual burden.......       155 hours       .................  $46,865..............  $0
----------------------------------------------------------------------------------------------------------------
                                                  Total Burden
----------------------------------------------------------------------------------------------------------------
Total initial registration        71,070 hours       .................  $25,111,399.08.......  $4,407,858
 statement burden.
Total post-effective amendment    20,330 hours       .................  $7,183,266.70........  $2,054,660
 burden.
Total additional burden for        2,018 hours       .................  $611,975.............  $0
 affected funds.
Total additional burden for          155 hours       .................  $46,865..............  $0
 BDCs.
                               ---------------------------------------------------------------------------------
    Total annual burden.......    93,573 hours       .................  $32,953,505.78.......  $6,462,518
----------------------------------------------------------------------------------------------------------------
Notes:
\1.\ See Proposing Release, supra footnote 10, at section IV.B.1.
\2.\ See supra Table 6, at footnote 2.

                                      Table 8--Final Form N-2 PRA Estimates
----------------------------------------------------------------------------------------------------------------
                                   Internal                                Cost of internal     Annual external
                                    burden             Wage rate \1\            burden            cost burden
----------------------------------------------------------------------------------------------------------------
                                    Burden for Initial Registration Statement
----------------------------------------------------------------------------------------------------------------
Total burden per registration      517.6 hours   x   $269 (blended      $139,234.............  $32,241
 statement.                                           rate of $365 for
                                                      compliance
                                                      attorney and
                                                      $172 for
                                                      intermediate
                                                      accountant).
Number of annual initial          x 140\2\ \3\                          x 140 \2\ \3\........  x 140 \2\ \3\
 registration statements.
                               ---------------------------------------------------------------------------------
    Total annual burden.......    72,464 hours                          $19,492,760..........  $4,513,740
----------------------------------------------------------------------------------------------------------------
                                       Burden for Post-Effective Amendment
----------------------------------------------------------------------------------------------------------------
Total burden per post-               125 hours   x   $269 (blended      $33,625..............  $11,114
 effective amendment.                                 rate of $365 for
                                                      compliance
                                                      attorney and
                                                      $172 for
                                                      intermediate
                                                      accountant).
Number of annual post-             x 158\2, 4\                          x 158 \2\ \4\........  x 158 \2\ \4\
 effective amendments.
                               ---------------------------------------------------------------------------------
    Total annual burden.......    19,750 hours                          $5,312,750...........  $1,756,012
----------------------------------------------------------------------------------------------------------------
                                      Additional Burden for Affected Funds
----------------------------------------------------------------------------------------------------------------
New check box requirements....    0.1667 hours   x   $365 (compliance   $60.85...............  $0
                                                      attorney) \2\.
                                  0.1667 hours   x   $331 (senior       $55.18...............  .................
                                                      programmer) \2\.
                                  0.1667 hours   x   $248 (webmaster)   $41.34...............  .................
                                                      \2\.
Online availability                    2 hours   x   $248 (webmaster)   $496.................  $0
 requirement.                                         \2\ \4\.
Total additional burden per          2.5 hours                          $653.37..............  $0
 affected fund.
Number of affected funds......           x 791                          x 791................  x 791
                               ---------------------------------------------------------------------------------
    Total annual burden.......     1,978 hours                          $516,815.67..........  $0
----------------------------------------------------------------------------------------------------------------
                                           Additional Burden for BDCS
----------------------------------------------------------------------------------------------------------------
Financial highlights                 0.5 hours   x   $365 (compliance   $182.50..............  $0
 requirement.                                         attorney) \2\.
                                     0.5 hours   x   $331 (senior       $165.50..............
                                                      programmer) \2\.
                                     0.5 hours   x   $248 (webmaster)   $124.................
                                                      \2\.
Total additional burden per          1.5 hours                          $472.................  $0
 BDC.
                               ---------------------------------------------------------------------------------
Number of BDCs................           x 105                          x 105................  x 105
                               ---------------------------------------------------------------------------------
    Total annual burden.......       158 hours                          49,560...............  $0
----------------------------------------------------------------------------------------------------------------
                                                  Total Burden
----------------------------------------------------------------------------------------------------------------
Total initial registration        72,464 hours                          $19,492,760..........  $4,513,740
 statement burden.
Total post-effective amendment    19,750 hours  ...  .................  5,312,750............  1,756,012
 burden.
Total additional burden for        1,978 hours  ...  .................  516,815.67...........  0
 affected funds.

Total additional burden for          158 hours  ...  .................  49,560...............  0
 BDCs.
    Total annual burden.......    94,350 hours                          $25,371,885.70.......  $6,269,752
----------------------------------------------------------------------------------------------------------------
Notes:
\1.\ See supra Table 6, at footnote 2. In a change from the Proposing Release, we have revised the wage rate
  categories for existing Form N-2 burdens, consistent with the currently-approved Form N-2 PRA burden
  estimates.
\2.\ Estimate revised to reflect updated industry data.
\3.\ We considered whether deeming interval funds to have registered an indefinite number of shares under the
  amendments to rules 23c-3 and 24f-2 will result in fewer registration statement filings since these funds will
  no longer need to file registration statements to register additional shares. Based on staff analysis of
  interval fund filings between January 1, 2017 and December 31, 2019, interval funds very rarely filed
  registrations statements on Form N-2 solely to register additional shares (i.e., the filing typically also
  updated the fund's financial statements or included other changes). On average, interval funds filed seven
  Form N-2 registration statements each year during this period that, among other things, registered additional
  shares. As a result, for purposes of this PRA estimate, we are not reducing the estimated number of Form N-2
  filings to account for the change in how interval funds register additional shares.
\4.\ Estimate revised to reflect the average number of post-effective amendments filed between January 1, 2017
  and December 31, 2019 (286 post-effective amendments), minus an estimated reduction of 128 post-effective
  amendments resulting from the ability of affected funds that are eligible to file short-form registration
  statements to forward incorporate by reference information into their registration statements. The estimated
  reduction in the number of post-effective amendment filings has been increased from 112 to 128 filings to
  account for an increase in the percentage of affected funds that will be eligible to file short-form
  registration statements (based on updated industry data) and to account for post-effective amendments under
  rule 486(b) filed by funds that have received relevant staff no-action letters (an average of approximately 29
  filings per year over the three-year period). See supra Section II.D (discussing relevant staff no-action
  letters); Proposing Release, supra footnote 10, at n.447 (discussing the initial estimated reduction in the
  number of post-effective amendments of 112).

    Table 6 above summarizes the current PRA estimates associated with
the requirements of Form N-2. Table 7 summarized the proposed PRA
estimates included in the Proposing Release.\469\ Table 8 summarizes
the final PRA estimates associated with Form N-2 as amended. We did not
receive public comment on our proposed PRA estimates, but we are
revising our estimates as a result of updated industry data.
Specifically, we are revising the estimated wage rates, the estimated
number of affected funds, and the estimated number of annual initial
registration statement and post-effective amendment filings to reflect
updated industry data.
---------------------------------------------------------------------------

    \469\ See Proposing Release, supra footnote 10, at section
IV.B.1.
---------------------------------------------------------------------------

    As summarized in Table 8 above, we estimate that the total hour
burdens and time costs associated with Form N-2 will be an aggregate
annual burden of 94,350 hours at an aggregate annual cost of internal
burden of $25,371,886. We estimate an aggregate annual external time
cost of $6,269,752.
2. Structured Data Reporting Requirements
    We are amending Form N-2, as well as Regulation S-K and Regulation
S-T,\470\ to require certain new structured data reporting requirements
for registered CEFs and BDCs.\471\ Specifically, the amendments will
require:
---------------------------------------------------------------------------

    \470\ See 17 CFR part 229 [OMB Control No. 3235-0071]
(Regulation S-K specifies the requirements for exhibits to
registration statements and reports); 17 CFR part 232 [OMB Control
No. 3235-0424] (Regulation S-T specifies the requirements that
govern the electronic submission of documents). Specifically, we are
amending rule 601 of Regulation S-K, and rules 11 and 405 of
Regulation S-T. The additional collection of information burden that
will result from the amendments to rule 601 of Regulation S-K, rules
11 and 405 of Regulation S-T, and Forms N-2 and N-CSR to require
structured data reporting for affected funds are included in our
burden estimates for the ``Investment Company Interactive Data''
collection of information, and do not impose any separate burden
aside from that described in our discussion of the burden estimates
for this collection of information.
    \471\ We also are amending Form 24F-2 to require submission of
this filing in a structured XML format. We discuss the PRA burdens
of this and other amendments to the form below. See infra section
IV.B.6.
---------------------------------------------------------------------------

     BDCs to submit financial statement information using
Inline XBRL format, as is currently required of operating
companies.\472\ The respondents for this collection of information are
an estimated 105 BDCs.
---------------------------------------------------------------------------

    \472\ See supra section II.I.1.a; see also amended rule
601(b)(101) of Regulation S-K; amended rule 405(b)(3)(i) of
Regulation of S-T.
---------------------------------------------------------------------------

     Affected funds to include structured cover page
information in their registration statements on Form N-2 using Inline
XBRL, including the tagging of the new check boxes to the cover page of
Form N-2.\473\ The respondents for this collection of information are
an estimated 791 affected funds. As demonstrated in Table 9 below, we
do not believe the cover page tagging requirement will result in
significant additional burdens for affected funds.
---------------------------------------------------------------------------

    \473\ See supra section II.I.1.b; see also General Instruction
I.1 of amended Form N-2; amended rule 405(b)(3)(ii) of Regulation S-
T.
---------------------------------------------------------------------------

     Affected funds to tag certain Form N-2 disclosure items
using Inline XBRL.\474\ The respondents for this collection of
information are an estimated 791 affected funds.
---------------------------------------------------------------------------

    \474\ See supra section II.I.1.c; see also General Instruction
I.2-3 of amended Form N-2; amended rule 405(b)(3)(iii) of Regulation
S-T. The amendments will require the following prospectus disclosure
items be tagged using Inline XBRL: Fee Table; Senior Securities
Table; Investment Objectives and Policies; Risk Factors; Share Price
Data; and Capital Stock, Long-Term Debt, and Other Securities.
    A seasoned fund filing a short-form registration statement on
Form N-2 also will be required to tag any information that is
incorporated by reference from an Exchange Act report, such as those
on Form N-CSR, 10-K, 10-Q, or 8-K, in response to a disclosure item
of the registration statement that is required to be tagged. See
supra footnote 241 and accompanying text.
---------------------------------------------------------------------------

    The purposes of these information collections are to make financial
information easier for investors to analyze and to help automate
regulatory filings and business information processing, and to reduce
the current disparity between operating companies and BDCs with respect
to the accessibility of information they provide to the market. These
collections of information are mandatory for the relevant respondents,
discussed for each collection below. Confidential information will not
be disclosed pursuant to these new reporting requirements.

                       Table 9--Proposed and Final Structured Data Reporting PRA Analysis
----------------------------------------------------------------------------------------------------------------
                                                                             Initial cost
                                 Initial hours       Annual hours \1\           burden       Annual cost burden
----------------------------------------------------------------------------------------------------------------
                                             PROPOSED ESTIMATES \2\
----------------------------------------------------------------------------------------------------------------
BDC Financial Statement                     81  65.81 hours...............       $9,262.50  $7,525.78
 Information--Per BDC Response
 (I).
Number of BDC Responses Per     ..............  x 463.5 \2\...............  ..............  x 463.5 \2\
 Year.
    Total Annual Burden.......  ..............  30,503 hours..............  ..............  $3,488,199.03
Affected Funds Cover Page                    0  1 hour....................              $0  $0
 Information on Form N 2--Per
 Affected Fund Response (II).
Number of Affected Fund         ..............  x 807.....................  ..............  x 807
 Responses Per Year.
    Total Annual Burden.......  ..............  807 hours.................  ..............  $0
Affected Funds Form N-2                  15.25  12.8 hours................       $1,350.00  $1,096.88
 Disclosure Items--Per
 Affected Fund Response (III).
Number of Affected Fund         ..............  x 1097.5..................  ..............  x 1097.5
 Responses Per Year.
    Total Annual Burden.......  ..............  14,048.26 hours...........  ..............  $1,203,825.80
    Combined Total Annual       ..............  45,358.26 hours...........  ..............  $4,692,024.83
     Burden.
----------------------------------------------------------------------------------------------------------------
                                                 FINAL ESTIMATES
----------------------------------------------------------------------------------------------------------------
BDC Financial Statement               81 hours  65.81.....................       $9,262.50  $7,525.78
 Information--Per BDC Response
 (I).
Number of BDC Responses Per     ..............  x 472.5...................  ..............  x 472.5
 Year.
    Total Annual Burden.......  ..............  31,095 hours..............  ..............  $3,555,931
Affected Funds Cover Page       ..............  1 hour....................  ..............  $0
 Information on Form N-2--Per
 Affected Fund Response (II).
Number of Affected Fund         ..............  x 791.....................  ..............  x 791
 Responses Per Year.
    Total Annual Burden.......  ..............  791 hours.................  ..............  $0
Affected Funds Form N-2                  15.25  12.8 hours................       $1,350.00  $1,097
 Disclosure Items (III).
Number of Affected Fund         ..............  x 1,076...................  ..............  x 1,076
 Responses Per Year.
    Total Annual Burden.......  ..............  13,773 hours..............  ..............  $1,180,372
    Combined Total Annual       ..............  45,659 hours..............  ..............  $4,736,303
     Burden.
----------------------------------------------------------------------------------------------------------------
Notes:
\1.\ Includes initial and ongoing burden estimates annualized over a three-year period. Here, as discussed in
  the Proposing Release, supra footnote 10, at section V.B.2, we assumed that the one-time cost would result in
  a 50% incremental increase in the internal burdens and external costs of the BDC financial information and
  Form N-2 disclosure requirements (items I and III in the chart above) during the first year, and would
  subsequently decline in the second and third years by 75% from the immediately-preceding year.
\2.\ The proposed estimates are discussed in additional detail in the Proposing Release, supra footnote 10, at
  section V.B.2.

    Table 9 summarizes the proposed PRA estimates included in the
Proposing Release and the final PRA estimates for the structured data
reporting requirements. We did not receive public comment on our
proposed PRA estimates, but we are revising our estimates as a result
of updated industry data. Specifically, we are revising the estimated
number of BDCs and affected funds to reflect updated industry data.
    As summarized in Table 9, we estimate that the total hour burdens
and time costs associated with the structured data reporting
requirements will be an aggregate annual burden of 45,659 hours. We
estimate an aggregate annual external time cost of $4,736,303.
3. New Annual Reporting Requirements Under Rule 30e-1 and Exchange Act
Periodic Reporting Requirements for BDCs
    Several of the amendments, such as the amendments that would allow
certain affected funds to use an automatic shelf registration statement
or to forward incorporate by reference Exchange Act reports, may raise
the importance of an affected fund's Exchange Act reports to
investors.\475\ In light of this, we are adopting new disclosure
requirements for affected funds' annual reports. Specifically, we are
amending:
---------------------------------------------------------------------------

    \475\ See supra section II.I.2.
---------------------------------------------------------------------------

     Form N-2 to require affected funds using the short-form
registration statement to disclose in their annual reports a fee and
expense table, share price data, a senior securities table, and
unresolved staff comments regarding the fund's periodic or current
reports or registration statement; \476\
---------------------------------------------------------------------------

    \476\ See supra section II.I.2.a; see also new Instructions
4.h.(1) (senior securities table), 4.h.(2) (fee and expense table),
4.h.(3) (share price data), and 4.h.(4) (unresolved staff comments)
to Item 24 of amended Form N-2.
---------------------------------------------------------------------------

     Form N-2 to require registered CEFs to provide MDFP in
their annual reports; \477\
---------------------------------------------------------------------------

    \477\ See supra section II.I.2.b; see also new Instruction 4.g
to Item 24 of amended Form N-2.
---------------------------------------------------------------------------

     Form N-2 to require BDCs to include financial highlights
in their annual reports on Form 10-K; \478\ and
---------------------------------------------------------------------------

    \478\ See supra section II.I.2.c; see also Instruction 1 to Item
4 of amended Form N-2; new Instruction 10 to Item 24 of amended Form
N-2. As discussed above, BDCs also will be required to include
financial highlights in their registration statements on Form N-2.
See supra section IV.B.1.
---------------------------------------------------------------------------

     Rule 8b-16 to require a registered CEF that relies on
paragraph (b) of that rule to describe in its annual reports its
current investment objectives and policies, and principal risks, and
certain key changes that occurred during the relevant year in enough
detail to allow investors to understand each change and how it may
affect the fund.\479\
---------------------------------------------------------------------------

    \479\ See supra section II.I.5; see also amended rule 8b-16.
---------------------------------------------------------------------------

    The collection of information burdens under these amendments
correspond to information collections under rule 30e-1 for registered
CEFs and Form 10-K for BDCs. Rule 30e-1 generally requires registered
investment companies to transmit to their shareholders, at least semi-
annually, reports containing the information that is required to be
included in such reports by the fund's registration statement form
under the Investment Company Act. BDCs, like operating companies, are
required to file annual reports on Form 10-K pursuant to section 13 or
15(d) of the Exchange Act.
    The burden estimates were calculated by multiplying the estimated
number of responses by the estimated average amount of time it would
take an affected

fund to prepare and review disclosure required under the amendments.
For purposes of the PRA, the burden is allocated between internal
burden hours and outside professional costs. For these purposes, we
estimate that 75% of the burden of preparing annual reports under rule
30e-1 and on Form 10-K is undertaken by the fund internally, while 25%
of this burden is undertaken by outside professionals, such as outside
counsel and independent auditors, retained by the fund at an average
cost of $400 per hour.\480\
---------------------------------------------------------------------------

    \480\ We recognize that the costs of retaining outside
professionals may vary depending on the nature of the professional
services but, for purposes of this PRA analysis for rule 30e-1 and
Form 10-K, we estimate that such costs would be an average of $400
per hour. This estimate is based on consultations with several
registrants, law firms, and persons who regularly assist registrants
in preparing and filing reports with the Commission.

                                                    Table 10--Rule 30e-1 Incremental Burden Estimates
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Increase in     Increase in
                                                             Number of      Burden hour     Increase in     Increase in    professional    professional
                                                             estimated     increase per    burden hours    company hours     hours for       costs for
                                                             affected         current       for current    for  current       current         current
                                                             responses       affected        affected        affected        affected        affected
                                                                             response        responses       responses       responses       responses
                                                                     (A)             (B)     (C) = (A) x     (D) = (C) x     (E) = (C) x     (F) = (E) x
                                                                                (B)            0.75            0.25            $400
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                 PROPOSED ESTIMATES \1\
--------------------------------------------------------------------------------------------------------------------------------------------------------
MDFP requirement........................................             704              16          11,264           8,448           2,816      $1,126,400
Requirements to disclose fee and expense table, share                457               3           1,371           1,028             343         137,200
 price data, a senior securities table, and unresolved
 staff comments.........................................
Amendments to rule 8b-16(b).............................             704               4           2,816           2,112             704         281,600
--------------------------------------------------------------------------------------------------------------------------------------------------------
    Total estimated burdens.............................                           11,588 hours                           ..............  \2\ $1,545,200
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     FINAL ESTIMATES
--------------------------------------------------------------------------------------------------------------------------------------------------------
MDFP requirement........................................         \3\ 686              16          10,976           8,232           2,744       1,097,600
Requirements to disclose fee and expense table, share            \3\ 455               3           1,365           1,024             341         136,400
 price data, a senior securities table, and unresolved
 staff comments.........................................
Amendments to rule 8b-16(b).............................     \3\ \4\ 521           \5\ 5           2,605           1,954             651         260,400
--------------------------------------------------------------------------------------------------------------------------------------------------------
    Total estimated burdens.............................                                   11,210 hours                                        1,494,400
--------------------------------------------------------------------------------------------------------------------------------------------------------
Notes:
\1.\ See Proposing Release, supra footnote 10, at section V.B.3.
\2.\ The Proposing Release reflected an estimate of $1,545,100. Since we are rounding internal burden and external cost estimates to the nearest whole
  number in this section, this table reflects an estimated annual cost burden of $1,545,200.
\3.\ Revised to reflect updated industry data.
\4.\ Revised to recognize that not all registered CEFs rely on rule 8b-16(b).
\5.\ Revised to reflect a change from the proposed requirements.

    Table 10 summarizes the proposed incremental PRA burden estimates
and the final incremental PRA burden estimates associated with the new
annual report requirements for registered CEFs. We did not receive
comments on our proposed estimates, but we have revised them as a
result of updated industry data and changes to the proposed amendments.
Specifically, we are revising the estimated number of registered CEFs
that will be subject to the new annual report requirements to reflect
updated industry data and the estimated burden hours associated with
the amendments to rule 8b-16(b). As summarized in Table 10 above, the
revised additional burdens associated with the new annual report
requirements for registered CEFs for purposes of the rule 30e-1
collection of information is 11,210 hours for internal time and
external costs of $1,494,400.

                                                    Table 11--Form 10-K Incremental Burden Estimates
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Increase in     Increase in
                                                             Number of      Burden hour     Increase in     Increase in    professional    professional
                                                             estimated     increase per    burden hours    company hours     hours for       costs for
                                                             affected         current       for current    for  current       current         current
                                                             responses       affected        affected        affected        affected        affected
                                                                             response        responses       responses       responses       responses
                                                                     (A)             (B)     (C) = (A) x     (D) = (C) x     (E) = (C) x     (F) = (E) x
                                                                                (B)            0.75            0.25            $400
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                 PROPOSED ESTIMATES \1\
--------------------------------------------------------------------------------------------------------------------------------------------------------
Requirements to disclose fee and expense table, share                 43               3             129              97              32         $12,800
 price data, a senior securities table, and unresolved
 staff comments.........................................
Financial highlights requirement........................             103             1.5             155             116              39          15,600
                                                         -----------------------------------------------------------------------------------------------
    Total estimated burdens.............................                                     213 hours                                            28,400
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     FINAL ESTIMATES
--------------------------------------------------------------------------------------------------------------------------------------------------------
Requirements to disclose fee and expense table, share             \2\ 44               3             132              99              33          13,200
 price data, a senior securities table, and unresolved
 staff comments.........................................
Financial highlights requirement........................         \2\ 105             1.5             158             119              40          16,000
                                                         -----------------------------------------------------------------------------------------------
    Total estimated burdens.............................                                     218 hours                                            29,200
--------------------------------------------------------------------------------------------------------------------------------------------------------
Notes:
\1.\ See Proposing Release, supra footnote 10, at section V.B.3.
\2.\ Revised to reflect updated industry data.

    Table 11 summarizes the proposed incremental PRA burden estimates
and the final incremental PRA burden estimates associated with the new
annual report requirements for BDCs. We did not receive comments on our
proposed estimates, but we have revised them as a result of updated
industry data. Specifically, we are revising the estimated number of
BDCs that will be subject to the new annual report requirements to
reflect updated industry data. As summarized in Table 11 above, the
revised additional burdens associated with the new annual report
requirements for BDCs for purposes of the Form 10-K collection of
information is 218 hours for internal time and external costs of
$29,200.

                                                      Table 12--Requested Paperwork Burden Under the Amendments to Annual Report Disclosure
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Increase in
             Rule or form              Current annual      Current       Current cost      Number of  affected      Increase in    professional       Annual       Burden hours     Cost burden
                                          responses     burden hours        burden              responses          company hours       costs         responses
                                                  (A)             (B)               (C)  (D)....................             (E)             (F)       (G) = (A)     (H) = (B) +     (I) = (C) +
                                                                                (E)             (F)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                      Current Burden \1\
                                                        Program Change
                                                  Requested Change in Burden
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
30e-1................................          23,784       1,028,658      $147,750,391  Varies (see Table 10)            11,210      $1,494,400          23,784       1,039,868    $149,244,791
                                                                                \2\.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
10-K.................................           8,137      14,198,780    $1,895,224,719  Varies (see Table 11)               218         $29,200           8,137      14,198,998   1,895,253,919
                                                                                \2\.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Notes:
\1.\ The rule 30e-1 estimates are based on the last time the rule's information collections were approved, pursuant to a submission for a PRA extension in 2019. The Form 10-K estimates are
  based on the last time the form's information collections were approved, pursuant to a submission for a PRA extension in 2019.
\2.\ As reflected in Table 10 and Table 11, the number of registered CEFs and the number of BDCs that will need to comply with the new annual report disclosure requirements will vary depending
  on the type of new disclosure, although all registered CEFs (686) and all BDCs (105) will be required to provide some additional annual report disclosure.

    As summarized above in Table 12, the revised aggregate estimates,
including the new amendments, for rule 30e-1 are 1,039,868 hours and
$149,244,791 in external costs. The revised aggregate estimates for
Form 10-K, including the new amendments, are 14,198,998 hours and
$1,895,253,919 in external costs.
4. Securities Offering Communications
    Rule 163 permits WKSIs to make unrestricted oral and written offers
before filing a registration statement, but any written offer will be
considered a free writing prospectus and will generally have to be
filed upon filing a registration statement or amendment covering the
securities. Rule 433 governs the use of free writing prospectuses by
WKSIs and non-WKSI issuers after the filing of a registration
statement. A free writing prospectus used by or on behalf of an
affected fund, or free writing prospectuses that are broadly
disseminated by another offering participant, are required to be filed
with the Commission. We have adopted amendments to rules 163 and 433
that will permit affected funds to

rely on these rules to use a free writing prospectus.
    We did not receive public comment on our proposed estimates, but we
have revised them as a result of updated industry data. Specifically,
we are revising the estimated number of firms that will be subject to
the rule to reflect updated industry data.
    The burden estimates were calculated by multiplying the estimated
number of responses by the estimated average amount of time it would
take a registrant to prepare and review disclosure required under the
proposed amendments. For purposes of the PRA, the burden is to be
allocated between internal burden hours and outside professional costs.
Table 13 below sets forth the percentage estimates we typically use for
the burden allocation for each rule.\481\ We also estimate that the
average cost of retaining outside professional to be $400 per
hour.\482\
---------------------------------------------------------------------------

    \481\ We estimate that 25% of the burden of preparing and filing
a free writing prospectus pursuant to rule 163 or rule 433 is
undertaken by the issuer internally and that 75% of the burden is
undertaken by outside professionals retained by the issuer.
    \482\ We recognize the costs of retaining outside professionals
may vary depending on the nature of the professional services, but
for purposes of this PRA analysis, we estimate that such costs would
be an average of $400 per hour. This estimate is based on
consultations with several registrants, law firms, and other persons
who regularly assist registrants in preparing and filing reports
with the Commission.

 Table 13--Standard Estimated Burden Allocation for Securities Act Rules
                               163 and 433
------------------------------------------------------------------------
                                                              Outside
                                             Internal      professionals
------------------------------------------------------------------------
                       ESTIMATED BURDEN ALLOCATION
------------------------------------------------------------------------
Rule 163................................             25%             75%
Rule 433................................             25%             75%
------------------------------------------------------------------------

    The table below illustrates the incremental change to the total
annual compliance burden of affected rules, in hours and costs, as a
result of the proposed amendments.

                 Table 14--Calculation of the Incremental Change in Burden Estimates of Current Responses Resulting from the Amendments
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                              Burden hour      Increase in                                                 Increase in
                                               Number of     increase per     burden hours    Increase in company      Increase in        professional
                                               estimated        current        for current      hours for current   professional hours      costs for
                                               affected        affected         affected       affected responses      for current       current affect
                                               responses       response         responses                           affected responses      responses
                                                   (A) 1 2         (B) \3\   (C) = (A) x (B)     (D) = (C) x 0.25     (E) = (C) x 0.75       (F) = (E) x
                                                                                or 0.75              or 0.25              $400
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                         Incremental Change in Burden Estimates
--------------------------------------------------------------------------------------------------------------------------------------------------------
163.......................................               2            0.25              0.50                0.125                0.375              $150
433.......................................           4,271            1.28             5,467                1,367                4,100        $1,640,000
--------------------------------------------------------------------------------------------------------------------------------------------------------
Notes:
\1.\ For a number of reasons, many issuers that are currently eligible to be WKSIs do not make use of free writing prospectuses in reliance on rule 163.
  At the time the Commission adopted rule 163, it estimated that 53 free writing prospectuses would be filed under rule 163 per year. However, during
  the Commission's 2017 fiscal year, only 10 free writing prospectuses in reliance on rule 163 were filed with the Commission. We estimate that 100
  affected funds would be eligible to be WKSIs. See supra section III.A.1. If current practices regarding the use of free writing prospectuses under
  rule 163 continue with respect to affected funds, we do not believe that these affected funds would significantly increase the number of free writing
  prospectuses under rule 163. Accordingly, we estimate that, on average, affected funds that are eligible to be WKSIs would file 2 free writing
  prospectuses under the amendments to rule 163 each year.
\2.\ The most recent data that we have available shows that each operating company files an average of approximately 5.4 free writing prospectuses per
  year in reliance on rule 433. We estimate that there will be 791 affected funds filing approximately 4,271 free writing prospectuses. See supra
  section III.A.1.
\3.\ The burden hour estimates for rules 163 and 433 are based on the last time the rules' information collections were approved, pursuant to a
  submission for a PRA extension in 2017. The conditions under rule 433 to use a free writing prospectus, require a free writing prospectus to contain
  more information and contribute to the greater burden hour than for a rule 163 free writing prospectus.

    The following table summarizes the requested paperwork burden,
including the estimated total reporting burdens and costs, under the
proposed amendments.

                                                  Table 15--Requested Paperwork Burden Under the Amendments to Securities Act Rules 163 and 433
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                      Current      Current                  Number of   Increase in   Increase in
                                                                       annual       burden      Current      affected     company    professional     Annual      Burden hours     Cost burden
                                                                     responses      hours     cost burden   responses      hours         costs      responses
                                                                            (A)          (B)          (C)          (D)          (E)           (F)    (G) = (A)  (H) = (B) + (E)  (I) = (C) + (F)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Current Burden
                                                                                Program Change
                                                                          Requested Change in Burden
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
163...............................................................           10            1         $720            2        0.125          $150           12            1.125             $870
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
433...............................................................       15,700        5,024   $6,028,800        4,271        1,367    $1,640,000       19,971            6,391       $7,668,800
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

    As summarized above in Table 15, the revised aggregate estimates,
including the new amendments, for rule 163 are 1.125 hours, and $870 in
external costs. The revised aggregate estimates for rule 433, including
the new amendments, are 6,391 hours and $7,669,017 in external costs.
5. Prospectus Delivery Requirements
    Rule 173 requires the delivery of a copy of a final prospectus, or
in lieu of a final prospectus, a notice to purchasers stating that a
sale of securities was made based on a registration statement or in a
transaction in which a final prospectus would have been required to
have been delivered in the absence of rule 172.\483\ We have adopted
amendments to rule 173 to remove the exclusion for offerings of
affected funds.\484\
---------------------------------------------------------------------------

    \483\ See supra footnote 153.
    \484\ See supra section II.D.
---------------------------------------------------------------------------

    We did not receive public comment on our proposed PRA estimates for
rule 173. We have revised our estimates regarding the number of funds
likely to rely on rule 173, and to reflect updated industry data.\485\
Specifically, based on a review of Form N-2 filings made with the
Commission, we are revising downward the proposed estimate of the
number of affected funds expected to rely on rule 173 as a result of
the amendments, and thus incur burdens associated with the rule.
---------------------------------------------------------------------------

    \485\ This estimate is based on the last time rule 173's
information collections were approved, in 2017.
---------------------------------------------------------------------------

    The burden estimates were calculated by multiplying the estimated
number of registrants likely to rely on rule 173 by the number of
responses per registrant by the estimated time it would take compile
the necessary information and data, prepare and review disclosure, file
documents and retain records for issuers that choose to rely on rule
173. We assume, similar to operating companies that rely on rule 173,
that each affected fund will incur 100% of the burden. The table below
illustrates the incremental change to the total annual burden for
affected funds as a result of the amendments.

            Table 16--Rule 173 (Calculation of the Incremental Change in Burden Estimates of Current Responses Resulting from the Amendments)
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Increase in       Increase in
                                                                    Number of      Burden hour per  Burden hours for    professional      professional
                                                                    estimated     current affected  current affected      hours for         costs for
                                                                    affected          response          responses     current affected   current affect
                                                                    responses                                             responses         responses
                                                                         (A) \1\           (B) \2\   (C) = (A) x (B)
--------------------------------------------------------------------------------------------------------------------------------------------------------
173...........................................................        16,634,572            0.0167           277,797                 0                $0
--------------------------------------------------------------------------------------------------------------------------------------------------------
Notes:
\1.\ In the Proposing Release we estimated that all 807 affected funds would rely on rule 173. See supra footnote 10 at section V.B.5. However, because
  only a fund with an effective Securities Act registration statement may rely on rule 173, we are revising our estimates. Based on our staff's review
  of Form N-2 Securities Act registration statements filed annually between 2017 and 2019, we estimate 382 annual filings, each by a different affected
  fund. We estimate that each such fund will provide 43,546 responses annually, for a total of 16,634,572 annual responses per year (382 funds x 43,546
  responses annually = 16,634,572).
\2.\ The estimated burden hour per response of 0.0167 hours derives from the most recently-approved rule 173 PRA submission (2017).

    The following table summarizes the total PRA burden, including the
estimated total reporting burdens and costs, for rule 173 as a result
of the amendments. As reflected below, the revised aggregate hourly
burden associated with rule 173 as a result of the amendments is
4,159,688 internal burden hours, with no external costs.

                                          Table 17--Rule 173 (Requested Paperwork Burden Under the Amendments)
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                     Current      Current                   Number of   Increase in   Increase in
                                      annual       burden      Current      affected      company    professional     Annual       Burden    Cost burden
                                    responses      hours     cost burden    responses      hours         costs      responses      hours
                                           (A)          (B)          (C)           (D)          (E)           (F)    (A) + (D)    (B) + (E)    (C) + (F)
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                               Current Burden
                                               Program Change
                                         Requested Change in Burden
--------------------------------------------------------------------------------------------------------------------------------------------------------
173..............................  232,448,548    3,881,891           $0  + 16,634,572    + 277,797            $0  249,083,120    4,159,688           $0
--------------------------------------------------------------------------------------------------------------------------------------------------------

6. Form 24F-2
    Rule 24f-2 requires any open-end management company, unit
investment trust, or face-amount certificate company deemed to have
registered an indefinite amount of securities to file a Form 24F-2 not
later than 90 days after the end of any fiscal year in which it has
publicly offered such securities. Form 24F-2 is the annual notice of
securities sold by these funds that accompanies the payment of
registration fees with respect to the securities sold during the fiscal
year, net of securities redeemed or repurchased during the year. We are
amending rules 23c-3 and 24f-2 so that interval funds will pay
registration fees on the same annual basis using Form 24F-2. We are
also adopting a requirement that funds submit reports on Form 24F-2 in
an XML structured data format.

                                       Table 18--Form 24F-2 PRA Estimates
----------------------------------------------------------------------------------------------------------------
                                                                                Cost of       Annual
                                         Internal burden           Wage rate \1\          internal     external
                                                                                burden    cost burden
----------------------------------------------------------------------------------------------------------------
                                        Currently Approved Estimates \2\
----------------------------------------------------------------------------------------------------------------
Clerical work to file Form 24F[dash]2..         2 hours   x  $66 (compliance clerk)...         $132           $0
Number of annual responses.............         x 7,284      .........................      x 7,284      x 7,284
                                        ------------------------------------------------------------------------
    Total annual burden................    14,568 hours      .........................    *$961,488           $0
----------------------------------------------------------------------------------------------------------------
                                             Proposed Estimates \3\
----------------------------------------------------------------------------------------------------------------
Clerical work to file Form 24F-2.......         2 hours   x  $67 (compliance clerk)...         $134           $0
Submission in a structured data format.         2 hours   x  $261 (programmer)........         $522           $0
Total annual burden per response.......         4 hours      .........................         $656           $0
Number of annual responses.............         x 6,177      .........................      x 6,177      x 6,177
                                        ------------------------------------------------------------------------
    Total annual burden................    24,708 hours      .........................   $4,052,112           $0
----------------------------------------------------------------------------------------------------------------
                                                 Final Estimates
----------------------------------------------------------------------------------------------------------------
Clerical work to file Form 24F-2.......         2 hours   x  $70 (compliance clerk)            $140           $0
                                                              \4\.
Submission in a structured data format.         2 hours   x  $271 (programmer) \4\....         $542           $0
Total annual burden per response.......         4 hours      .........................         $682           $0
Number of annual responses.............      x 6,794\4\      .........................  \4\ x 6,794  \4\ x 6,794
                                        ------------------------------------------------------------------------
    Total annual burden................    27,176 hours      .........................   $4,633,508           $0
----------------------------------------------------------------------------------------------------------------
Notes:
\1.\ See supra Table 6, at footnote 2.
\2.\ This estimate was previously submitted to OMB in connection with the renewal of approval for the collection
  of information required by Form 24F[dash]2 in 2018.
\3.\ Proposing Release, supra footnote 10, at section IV.B.7.
\4.\ Estimate revised to reflect updated data. Based on a review of Form 24F-2 filings for the period 2017-2019,
  the staff estimates that 6,741 filings will be made annually, and that 53 interval funds (representing the 3-
  year average of interval funds registered with the Commission) will file Form 24F-2 as a result of the final
  amendments (6,741 + 53 = 6,794).

    Table 18 above summarizes the current PRA estimates, the proposed
PRA estimates, and the final PRA estimates associated with the
requirement to file reports on Form 24F-2.\486\ We did not receive
public comment on our proposed estimates, but we have revised them as a
result of updated industry data. Specifically, we are revising the
estimated wage rates and estimated number of funds that will be subject
to the requirements of Form 24F-2 to reflect updated industry data. As
summarized in Table 18 above, the revised aggregate estimates for Form
24F-2, including the new amendments, are 27,176 hours, with no external
costs.
---------------------------------------------------------------------------

    \486\ See Proposing Release, supra footnote 10, at section
IV.B.7.
---------------------------------------------------------------------------

7. Amendments Permitting the Registration of Offerings of an
Indeterminate Number of Exchange-Traded Vehicle Securities and the
Payment of Registration Fees for Such Offerings on an Annual Net Basis
    The amendments to certain Securities Act rules and to Forms S-1, S-
3, F-1 and F-3 will allow issuers of exchange-traded vehicle securities
to elect to register offerings of an indeterminate number of such
securities and pay registration fees for these offerings on an annual
net basis. We estimate that the amendments will increase the paperwork
burden for registration statements on Form S-1 and Form S-3 for such
offerings due to the requirement to calculate and pay registration fees
on an annual net basis within 90 days after the end of the fiscal
year.\487\ However, because these issuers will have the ability to
elect to register offerings of an indeterminate number of such
securities, we also estimate that the amendments will result in a
decrease in the number of registration statements on these forms filed
by these issuers and that, overall, the amendments will reduce the
paperwork burdens associated with Form S-1 and Form S-3. The amendments
to Forms F-1 and F-3 are not expected to affect the burdens associated
with those forms, in that we do not anticipate that any issuers at this
time will use Form F-1 or Form F-3 to register offerings of an
indeterminate number of exchange-

traded vehicle securities and pay registration fees for these offerings
on an annual net basis.
---------------------------------------------------------------------------

    \487\ The paperwork burdens for 17 CFR 230.400 through 230.498A
(Regulation C) are imposed through the forms, schedules and reports
that are subject to the requirements in these regulations and are
reflected in the analysis of those documents. To avoid a PRA
inventory reflecting duplicative burdens and for administrative
convenience, we assign a one-hour burden to Regulation C.
---------------------------------------------------------------------------

    Based on a review of registration statements filed by ETPs for the
period 2017-2019, the staff estimates that, after the effectiveness of
these amendments, an average of five registration statements on each of
Form S-1 and Form S-3 will be filed each year for offerings of an
indeterminate number of exchange-traded vehicle securities with the
payment of registration fees on an annual net basis.\488\ We estimate
that the incremental increase in burden for these registration
statements will be two hours, consistent with the estimated burden for
Form 24F-2. We would expect there to be only a minimal initial burden
of establishing a system for calculating fee payments in this manner,
in that these issuers already track the issuances and redemptions of
their securities on an ongoing basis. When paying registration fees,
these issuers will file prospectus supplements under rule 424 and
provide disclosures modeled after Form 24F-2. We estimate that, in
filing these prospectus supplements in connection with registration
statements on Form S-1 or Form S-3, 25% of the burden of preparation is
carried by the issuer internally and that 75% of the burden of
preparation is carried by outside professionals retained by the issuer
at an average cost of $400 per hour.
---------------------------------------------------------------------------

    \488\ While we believe that the number of such registration
statements to register an indeterminate number of exchange-traded
vehicle securities will be higher immediately following the
effectiveness of these amendments, we estimate that the number of
registration statements for such offerings after this initial period
will average a total of approximately 10 registration statements
each year.

                                                     Table 19--Incremental Paperwork Burden Under the Amendments for Registration Statements
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                              Current burden                                Estimated increase in burden for affected responses
                                                                 -------------------------------------------------------------------------------------------------------------------------------
                                                                                Change in
                                                                                Estimated   Burden hour     Change in       Change in     professional     Change in
                                                                     Annual       Burden        Costs      number of    change per   burden hours    company hours     hours for    professional
                                                                    reponses      hours                     affected     affected    for affected    for affected      affected         costs
                                                                                responses     response      responses       responses       responses
                                                                  ...........  ...........  ............          (A)          (B)     (C) = (A) x     (D) = (C) x     (E) = (C) x
                                                                                (B)            0.25            0.75
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
S-1.............................................................          901      147,208  $180,319,975            5            2              10             2.5             7.5        $3,000
S-3.............................................................        1,657      193,626   236,198,036            5            2              10             2.5             7.5         3,000
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

    In addition, we estimate that seven fewer Forms S-1 and ten fewer
Forms S-3 will be filed by these issuers each year as a result of the
ability to register offerings of an indeterminate number of exchange-
traded vehicle securities, which could result in lower costs for these
issuers through a reduction in the number of registration statements
filed by these issuers.

                          Table 20--Estimated Decrease in Burden as a Result of the Decrease in the Number of Annual Responses
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                     Current burden                     Estimated decrease in burden as a result of the
                                                   ---------------------------------------------------     decrease in the number of annual responses
                                                                                --------------------------------------------------
                                                                                Estimated
                                                        Annual                                           decrease in      Estimated
                                                       reponses      Burden hours         Costs         the number of    decrease in       Estimated
                                                                                annual       burden hours   decrease in costs
                                                                                responses
--------------------------------------------------------------------------------------------------------------------------------------------------------
S-1...............................................             901         147,208       $180,319,975               7           1,144         $1,400,932
S-3...............................................           1,657         193,626        236,198,036              10           1,169          1,425,456
--------------------------------------------------------------------------------------------------------------------------------------------------------

    The following table illustrates the total annual compliance burden,
in hours and in costs, of the affected collections of information
resulting from the amendments to these forms.

      Table 21--Current and Revised Burdens Under the Amendments to Securities Act Registration Statements
----------------------------------------------------------------------------------------------------------------
                                                      Current burden                     Revised burden
                                           ---------------------------------------------------------------------
                                             Burden hours         Costs         Burden hours         Costs
                                                       (A)                (B)             (C)                (D)
----------------------------------------------------------------------------------------------------------------
S-1.......................................         147,208       $180,319,975         146,067       $178,922,043
S-3.......................................         193,626        236,198,036         192,460        234,775,580
F-1.......................................          26,692         32,275,375          26,692         32,275,375
F-3.......................................           4,441          5,703,600           4,441          5,703,600
----------------------------------------------------------------------------------------------------------------

8. Amendments to Form N-14
    Form N-14 is the form used by an affected fund for the registration
of securities issued in business combination transactions. The
amendments to Form N-14 will decrease the existing disclosure burden of
the form by allowing BDCs to incorporate by reference to the same
extent as is currently permitted for registered CEFs and eliminating
the requirement for affected funds to file with the Form N-14
registration statement the documents that contain the information that
is incorporated by reference into the prospectus or SAI.\489\
---------------------------------------------------------------------------

    \489\ See supra section II.B.3.b.

                            Table 22--Currently Approved Form N-14 PRA Estimates \1\
----------------------------------------------------------------------------------------------------------------
                                                                                Cost of       Annual
                                         Internal burden           Wage rate \2\          internal     external
                                                                                burden    cost burden
----------------------------------------------------------------------------------------------------------------
                                            Burden per Initial Filing
----------------------------------------------------------------------------------------------------------------
                                              310 hours   x  $401 (attorney)..........     $124,310      $27,500
Preparing and filing initial filing....       248 hours   x  $209 (senior accountant).      $51,832
                                               62 hours   x  $210 (paralegal).........      $13,020
Total burden per initial filing........       620 hours      .........................     $189,162      $27,500
Number of annual initial filings.......           x 156      .........................        x 156        x 156
                                        ------------------------------------------------------------------------
    Total annual burden................    96,720 hours      .........................  $29,509,272   $4,290,000
----------------------------------------------------------------------------------------------------------------
                                              Burden per Amendment
----------------------------------------------------------------------------------------------------------------
                                              150 hours   x  $401 (attorney)..........      $60,150  ...........
Preparing and filing amendments........       120 hours   x  $209 (senior accountant).      $25,080      $16,000
                                               30 hours   x  $210 (paralegal).........       $6,300  ...........
Total burden per amendment.............       300 hours      .........................      $91,530      $16,000
Number of annual amendments............            x 97      .........................         x 97         x 97
                                        ------------------------------------------------------------------------
    Total annual burden................    29,100 hours      .........................   $8,878,410   $1,552,000
----------------------------------------------------------------------------------------------------------------
                                                  Total Burden
----------------------------------------------------------------------------------------------------------------
Total initial filing burden............    96,720 hours      .........................  $29,509,272   $4,290,000
Total amendment burden.................    29,100 hours      .........................   $8,878,410   $1,552,000
                                        ------------------------------------------------------------------------
    Total annual burden................   125,820 hours      .........................  $38,387,682   $5,842,000
----------------------------------------------------------------------------------------------------------------
Notes:
\1.\ These estimates were previously submitted to OMB in connection with the renewal of approval for the
  collection of information required by Form N[dash]2 in 2019.
\2.\ See supra Table 6, at footnote 2.

                                     Table 23--Final Form N-14 PRA Estimates
----------------------------------------------------------------------------------------------------------------
                                                                                Cost of       Annual
                                         Internal burden           Wage rate \2\          internal     external
                                                                                burden    cost burden
----------------------------------------------------------------------------------------------------------------
                                            Burden per Initial Filing
----------------------------------------------------------------------------------------------------------------
Current burden for preparing and filing       310 hours   x  \2\ $415 (attorney)......     $128,650      $27,500
 initial filing.                              248 hours   x  \2\ $216 (senior               $53,568
                                               62 hours   x   accountant).                  $13,516
                                                             \2\ $218 (paralegal).....
Burden reduction from incorporation by   \3\ (10 hours)   x  \2\ $218 (paralegal).....     $(2,180)         $(0)
 reference amendments.
Total burden per initial filing........       610 hours   .  .........................     $193,554      $27,500
Number of annual initial filings.......       x \2\ 156   .  .........................    x \2\ 156    x \2\ 156
                                        ------------------------------------------------------------------------
    Total annual burden................    96,160 hours   .  .........................  $29,181,672   $4,290,000
----------------------------------------------------------------------------------------------------------------
                                              Burden per Amendment
----------------------------------------------------------------------------------------------------------------
Current burden for preparing and filing       150 hours   x  \2\ $415 (attorney)......      $62,250      $16,000
 amendments.                                  120 hours   x  \2\ $216 (senior               $25,920
                                               30 hours   x   accountant).                   $6,540
                                                             \2\ $218 (paralegal).....
Burden reduction from incorporation by   \3\ (10 hours)   x  \2\ $218 (paralegal).....     $(2,180)         $(0)
 reference amendments.
Total burden per amendment.............       290 hours   .  .........................      $92,530      $16,000
Number of annual amendments............        \2\ x 97   .  .........................     \2\ x 97     \2\ x 97
                                        ------------------------------------------------------------------------
    Total annual burden................    29,100 hours   .  .........................   $8,674,710   $1,552,000
----------------------------------------------------------------------------------------------------------------

                                                  Total Burden
----------------------------------------------------------------------------------------------------------------
Total initial filing burden............    96,160 hours   .  .........................  $29,181,672   $4,290,000
Total amendment burden.................    29,100 hours   .  .........................    8,674,710   $1,552,000
                                        ------------------------------------------------------------------------
    Total annual burden................   125,260 hours   .  .........................  $37,856,382   $5,842,000
----------------------------------------------------------------------------------------------------------------
Notes:
\1.\ See supra Table 6, at footnote 2.
\2.\ Estimate revised to reflect updated industry data.
\3.\ Estimate revised to reflect modifications from the proposal.

    Table 22 above summarizes the current PRA estimates associated with
the requirements of Form N-14. Table 23 summarizes the final PRA
amendments associated with Form N-14 as amended. We are revising our
estimates as a result of updated industry data and modifications from
the proposal. Specifically, we are deducting 10 hours of internal
burden per filing to reflect the burden reduction associated with the
incorporation by reference amendments affecting filings on Form N-14.
In addition, we are revising the estimated wage rates to reflect
updated industry data. As summarized in Table 23 above, we estimate
that the total hour burdens and time costs associated with Form N-14
will be an aggregate burden of 125,260 hours at an aggregate annual
cost of internal burden of $37,856,382. We estimate an aggregate annual
external time cost of $5,842,000.

V. Final Regulatory Flexibility Analysis

    The Commission has prepared the following Final Regulatory
Flexibility Analysis (``FRFA'') in accordance with section 4(a) of the
Regulatory Flexibility Act (``RFA''),\490\ regarding the final rule
modifications to the registration, communications, and offering
processes for affected funds under the Securities Act and the rules and
forms under the Exchange Act and Investment Company Act, that will
allow affected funds to use the securities offering rules that are
already available to operating companies. An Initial Regulatory
Flexibility Analysis (``IRFA'') was prepared in accordance with the RFA
and is included in the Proposing Release.\491\
---------------------------------------------------------------------------

    \490\ See 5 U.S.C. 603.
    \491\ See Proposing Release, supra footnote 10, at section VI.
---------------------------------------------------------------------------

A. Need and Objectives of the Final Rule

    The BDC Act directs us to allow a BDC to use the securities
offering rules that are available to other issuers required to file
reports under section 13(a) or section 15(d) of the Exchange Act and
specifically enumerates the required revisions. Similarly, the
Registered CEF Act directs us to allow any listed registered CEF or
interval fund to use the securities offering rules that are available
to other issuers that are required to file reports under section 13(a)
or section 15(d) of the Exchange Act, subject to appropriate
conditions.\492\ Pursuant to both Acts, the final rule will modify the
registration, communications, and offering processes for affected funds
to allow them to use the securities offering rules that are available
to other issuers required to file reports under section 13(a) or
section 15(d) of the Exchange Act. We are also adopting amendments to
our rules and forms, to tailor the disclosure and regulatory framework
for affected funds, in light of the amendments to the offering rules
applicable to them. The reasons for, and objectives of, the final rule
are further discussed in more detail in Section II above. The costs and
burdens of these requirements on smaller affected funds are discussed
below as well as above in our Economic Analysis and Paperwork Reduction
Act Analysis, which discusses the costs and burdens of the final rule
on all affected funds.
---------------------------------------------------------------------------

    \492\ As discussed above, we apply the final rule to all
registered CEFs (and BDCs), with certain conditions and exceptions.
---------------------------------------------------------------------------

 B. Significant Issues Raised by Public Comments

    In the Proposing Release, we requested comment on every aspect of
the IRFA, including the number of small entities that would be affected
by the proposed rule and form amendments, the existence or nature of
the potential impact of the proposals on small entities discussed in
the analysis, and how to quantify the impact of the proposed
amendments. We also requested comment on the proposed compliance
burdens and the effect these burdens would have on smaller entities.
Although we did not receive comments specifically addressing the IRFA,
several commenters stated in their comment letters the impact they
believed certain aspects of the proposed amendments would have on small
affected funds.\493\ Specifically, one commenter stated that the
proposed rules would disadvantage smaller affected funds relative to
larger affected funds that have obtained WKSI status, because smaller
funds that would benefit from the ability to use automatic effective
registration statements to quickly come to market during periods when
their shares trade at a premium, may miss the opportunity to raise
capital that the proposed rules were designed to facilitate. The
commenter stated that this disparity was unnecessary because
shareholders of smaller funds would not likely be disadvantaged by a
lower level of market commentary about those funds as compared to
larger funds given the investor protections afforded to those
shareholders by the Investment Company Act.\494\ Similarly, another
commenter stated that the Commission should reconsider the public float
requirement in order to encourage new CEF issuances and give smaller
CEFs the opportunity to grow through the issuance of additional shares,
because the offering size of most of the recent offerings by public
CEFs have been relatively small, making them ineligible for treatment
as a ``seasoned fund'' or WKSI.\495\ The second commenter stated that
forward incorporation by reference, which is allowed when an affected
fund has met the requirements to use a short-form registration
statement, should be made available to smaller affected funds.\496\
However, as discussed below, commenters defined smaller funds as those
funds that did not meet the WKSI

public float threshold of $700 million or more for purposes of using an
automatic registration statement, or did not meet the seasoned public
float threshold of $75 million or more for purposes of forward
incorporation by reference.
---------------------------------------------------------------------------

    \493\ See e.g., ABA Comment Letter; Invesco Comment Letter;
White Comment Letter; XBRL US Comment Letter.
    \494\ See e.g., ABA Comment Letter.
    \495\ See e.g., Invesco Comment Letter.
    \496\ See e.g., White Comment Letter.
---------------------------------------------------------------------------

    Another commenter voiced support for the XBRL format proposed for
certain filings by affected funds and recommended expanded use of the
format for other disclosures.\497\ The commenter noted that a study it
conducted along with the AICPA in 2014 and again in 2017 evaluating the
annual cost of XBRL preparation for small reporting companies had
decreased from $10,000 in 2014 to $5,500 in 2017.\498\ In citing to the
Council of Institutional Investors (CII) July 19, 2018 comment letter
in response to the SEC Draft Strategic Plan 2018-2022, the commenter
stated that inline XBRL is an improvement to EDGAR functionality and
makes disclosure documents more valuable and cost-effective for a broad
range of users including market analysts and data vendors that conduct
research on smaller companies.\499\ In response to the Commission's
request for comment regarding whether the current burdens of preparing
financial statements and notes in XBRL format have changed over time
for small reporting companies, the commenter reiterated that the cost
of XBRL preparation has declined 45% for small reporting
companies.\500\
---------------------------------------------------------------------------

    \497\ See e.g., XBRL US Comment Letter.
    \498\ Id. at 13.
    \499\ Id. at 10.
    \500\ Id. at 13.
---------------------------------------------------------------------------

    After considering the comments we received on the proposed rule and
form amendments, we are adopting the amendments, substantially as
proposed, with two modifications intended to reduce the operational
challenges commenters identified. Specifically, we are expanding the
scope of rule 486 to any registered CEF or BDC conducting continuous
offerings under rule 415(a)(1)(ix), and we are not adopting our
proposed amendments to Form 8-K.\501\ However, we do not believe there
would be any meaningful reporting, recordkeeping, or other compliance
costs associated with these modifications that would impact small
entities.
---------------------------------------------------------------------------

    \501\ See supra sections II.D and II.I.3.
---------------------------------------------------------------------------

C. Small Entities Subject to the Rule

    An investment company is a small entity if, together with other
investment companies in the same group of related investment companies,
it has net assets of $50 million or less as of the end of its most
recent fiscal year.\502\ Commission staff estimates that, as of June
2019, 16 BDCs and 33 registered CEFs are small entities.\503\
---------------------------------------------------------------------------

    \502\ 17 CFR 270.0-10(a) (Investment Company Act rule 0-10(a)).
    \503\ These estimates, reflecting the net assets of registered
CEFs and of BDCs, are based on staff review of Forms N-CEN and N-Q
filed with the Commission as of June 2019 and are based on the
definition of small entity under Investment Company Act rule 0-10.
Such funds will not necessarily be able to meet the transaction
requirement to qualify to file a short-form registration statement
on Form N-2 (i.e., generally those affected funds with a public
float of $75 million) or to be a WKSI (i.e., generally those
affected funds with a public float of $700 million). See supra
section II.B.3 and II.C.
    Based on data as of June 2019 from Morningstar Direct, Forms 10-
K and 10-Q that are filed with the Commission by BDCs, and closed-
end fund data reported on Forms N-CSR, N-Q, and N-PORT filed with
the Commission, we estimate, of the 16 BDCs that are small entities,
3 were traded on an exchange with market capitalization below the
$75 million public float threshold for qualifying to file a short-
form registration statement on Form N-2, and 5 small BDCs traded on
the over-the-counter (OTC) market with market capitalization below
this same $75 million threshold. Likewise, of the 33 registered CEFs
that qualified as small entities, 4 traded on an exchange with
market capitalizations below this same $75 million threshold; while
3 were traded on the OTC market with market capitalizations below
$75 million.
---------------------------------------------------------------------------

    A broker-dealer is a small entity if it has total capital (net
worth plus subordinated liabilities) of less than $500,000 on the date
in the prior fiscal year as of which its audited financial statements
were prepared pursuant to 17 CFR 240.17a-5(d) (Exchange Act rule 17a-
5),\504\ and it is not affiliated with any person (other than a natural
person) that is not a small business or small organization.\505\
Commission staff estimates that, as of June 30, 2019, there are
approximately 942 broker-dealers that may be considered small
entities.\506\ To the extent a small broker-dealer participates in a
securities offering or prepares research reports, it may be affected by
the final rule. Generally, we believe larger broker-dealers engage in
these activities, and we did not receive comments on whether or how the
proposed amendments to rule 138 affect small broker-dealers.\507\
---------------------------------------------------------------------------

    \504\ See 17 CFR 240.0-10(c)(1) (Exchange Act rule 0-10(c)(1)).
Alternatively, if a broker-dealer is ``not required to file such
statements, a broker or dealer that had total capital (net worth
plus subordinated liabilities) of less than $500,000 on the last
business day of the preceding fiscal year (or in the time that it
has been in business, if shorter).'' See id.
    \505\ See Exchange Act rule 0-10(c)(2).
    \506\ This estimate is derived from an analysis of data for the
period ending June 30, 2019 obtained from Financial and Operational
Combined Uniform Single (FOCUS) Reports that broker-dealers
generally are required to file with the Commission and/or SROs
pursuant to Exchange Act rule 17a-5.
    \507\ See supra section II.F.2.
---------------------------------------------------------------------------

    The final rule will also affect ETPs, permitting them to register
offerings of an indeterminate number of exchange-traded vehicle
securities and pay registration fees for such offerings on an annual
net basis. For purposes of the RFA, 17 CFR 230.157 (Securities Act rule
157) defines an issuer, other than an investment company, to be a
``small business'' or ``small organization'' if it had total assets of
$5 million or less on the last day of its most recent fiscal year and
is engaged or proposing to engage in an offering of securities not
exceeding $5 million.\508\ Exchange Act rule 0-10(a) defines an issuer,
other than an investment company, to be a ``small business'' or ``small
organization'' if it had total assets of $5 million or less on the last
day of its most recent fiscal year. Commission staff estimates that, as
of February 2020, there are approximately 7 ETPs that are issuers,
other than an investment company, that may be considered small
entities.\509\
---------------------------------------------------------------------------

    \508\ See 17 CFR 230.157.
    \509\ Based on data as of February 2020 from Morningstar Direct
and Form S-1 and Form S-3 registration statements filed with the
Commission within the past three years. As discussed above, we do
not anticipate that any issuers at this time will use Form F-1 to
register offerings of an indeterminate number of exchange-traded
vehicle securities and pay registration fees for these offerings on
an annual net basis. See supra section IV.B.7. Consequently, our
figures do not reflect F-1 filers as a ``small business'' or ``small
organization.''
---------------------------------------------------------------------------

D. Projected Reporting, Recordkeeping, and Other Compliance
Requirements

    The final rule will create, amend, or eliminate current
requirements for affected funds and broker-dealers, including those
that are small entities discussed in section V.C above.\510\
---------------------------------------------------------------------------

    \510\ See also supra section IV (discussing the skills necessary
to perform the recordkeeping, reporting, and compliance requirements
of the final rule, including those to be performed internally by a
fund, and those to be performed externally by professionals). The
PRA provides for the hours, costs, and skill level associated with
preparing disclosures, filing forms, and retaining records in
compliance with our adopted rules. These skills would apply for
compliance with the adopted rules by all funds, large and small, and
Commission staff further estimates that small funds will incur
approximately the same initial and ongoing costs as large funds.
---------------------------------------------------------------------------

1. Registration Process and Final Prospectus Delivery
    The amendments to the registration process for affected funds will
create a short-form registration statement on Form N-2 that will
function like a registration statement filed on Form S-3.\511\ An
affected fund eligible to file the short-form registration statement
can use it to register shelf offerings, including shelf registration
statements (filed by a WKSI) that become effective

automatically.\512\ Such a fund also can satisfy Form N-2's disclosure
requirement by incorporating by reference information from the fund's
Exchange Act reports. \513\
---------------------------------------------------------------------------

    \511\ See supra section II.B.3.
    \512\ Id.
    \513\ Id.
---------------------------------------------------------------------------

    In addition, the final rule will allow certain affected funds
eligible to register a primary offering under the adopted short-form
registration instruction to rely on rule 430B to omit information from
their base prospectuses, and to permit affected funds to use the
process operating companies follow to file prospectus supplements.\514\
Affected funds that choose to forward incorporate information by
reference into their registration statements will also be able to
include additional information in their periodic reports that is not
required to be included in these reports in order to update their
registration statements.\515\
---------------------------------------------------------------------------

    \514\ See supra section II.B.3.d.
    \515\ See supra section II.B.3.e.
---------------------------------------------------------------------------

    The amendments to the WKSI definition in rule 405 will also permit
affected funds to qualify for enhanced offering and communication
benefits under our rules.\516\ In order for an issuer to qualify as a
WKSI, the issuer must meet the registrant requirements of Form S-3,
i.e., it must be ``seasoned,'' and generally must have at least $700
million in public float.\517\ Qualifying as a WKSI will allow such
funds to file a registration statement or amendment that becomes
effective automatically in a broader variety of contexts than non-
WKSIs, and to communicate at any time, including through a free writing
prospectus, without violating the ``gun-jumping'' provisions of the
Securities Act.\518\
---------------------------------------------------------------------------

    \516\ See supra section II.C.
    \517\ Id.
    \518\ Id.
---------------------------------------------------------------------------

    Smaller affected funds will not be able to avail themselves of the
aspects of the adopted rule amendments streamlining the registration
process for affected funds or that make available the WKSI designation
to affected funds. The adopted short-form registration instruction is
designed to provide affected funds parity with operating companies by
permitting them to use the instruction to register the same
transactions that an operating company can register on Form S-3.\519\
In order to qualify to use the short-form registration statement under
Form N-2, General Instruction A.2 of Form N-2 generally requires an
affected fund to meet the public float requirement of $75 million under
the transaction requirements for Form S-3.\520\ Likewise, the WKSI
provision of rule 405 contains a public float requirement of $700
million, as discussed above. Smaller funds will not generally meet the
public float thresholds to file a short-form registration statement or
qualify as a WKSI and therefore will not generally be subject to either
of these amendments.\521\ However, smaller affected funds may be
affected by these amendments in other ways. For example, smaller
affected funds may be more likely to merge to obtain WKSI status, and
could experience competitive disadvantages compared to larger funds
that qualify as WKSIs or that file short-form registration statements
on Form N-2.\522\
---------------------------------------------------------------------------

    \519\ See supra section II.B.3.a; see also supra footnote 51 and
accompanying and preceding text.
    \520\ See supra sections II.B.3.a and III.B.1.
    \521\ See supra sections II.B.3 and III.B.1.
    \522\ See supra section III.B.1.
---------------------------------------------------------------------------

    The final rule will also apply the delivery method for operating
company final prospectuses to offerings of affected funds. As a result,
an affected fund, broker, or dealer will be allowed to satisfy the
final prospectus delivery obligations if a final prospectus is or will
be on file with the Commission within the time required by the rules
and other conditions are satisfied.\523\ These requirements will apply
to all affected funds, as well as all brokers or dealers.\524\
---------------------------------------------------------------------------

    \523\ See supra sections IV.B.5 and II.E.
    \524\ Affected funds using the new approach to prospectus
delivery will be required to provide a notice to purchasers stating
that a sale of securities was made pursuant to a registration
statement or in a transaction in which a final prospectus would have
been required to have been delivered in the absence of Securities
Act rule 172. See supra footnote 153 and accompanying text.
---------------------------------------------------------------------------

2. Communications Rules
    For offerings of smaller affected funds, we are not adopting any
new restrictions on communications. As discussed above, the amendments
to Securities Act rules 134, 138, 156, 163, 163A, 164, 168, 169, and
433 will make available the use of certain types of communications that
were previously not available to affected funds.\525\ Except as
otherwise discussed below, we believe that there are no significant
reporting, recordkeeping, or other compliance requirements associated
with these amendments. As such, except as otherwise discussed below, we
believe that there are no attendant costs and administrative burdens
for small affected funds associated with these amendments.
---------------------------------------------------------------------------

    \525\ See supra sections II.F, III.B.2, III.C.1, and IV.B.4. The
amendments to Securities Act rules 163 and 433, regarding the use of
a free writing prospectus, create new recordkeeping, filing, and
compliance requirements that are addressed further below.
---------------------------------------------------------------------------

    In addition, the communications rules themselves do not create any