DEFINITION of 'SEC Form N-54C'
A form completed by an investment company and filed with the Securities and Exchange Commission in order to withdraw its voluntary election to be regulated as a business development company as defined in Sections 55 through 65 of the Investment Company Act of 1940. The form must be accompanied by a written explanation for withdrawing such as the company's sale, merger or closure.
BREAKING DOWN 'SEC Form N-54C'
Section 54(c) of the Investment Company Act outlines how a company may submit and/or withdraw its election to be regulated as an investment development company. The company must submit the original and three copies of the form. Depending on the company's legal structure it must include with signatures on the form from either the director, officer or trustee of the Board or a general partner of the firm. There is no fee for submitting Form N-54C.