SEC Form N-17D-1

What Is SEC Form N-17D-1?

SEC Form N-17D-1 is a form that must be filed with the Securities and Exchange Commission (SEC) by a small business investment company (SBIC) and by a bank that is affiliated with the SBIC. The form must be filed by an SBIC licensed under the Investment Company Act of 1940, and its affiliated bank.

Understanding Form N-17D-1

SEC Form N-17D-1 is required under rule 17D-1 of the Investment Company Act of 1940. It must be filed semiannually within 30 days after the end of the six-month period in which one of the following events occurs: investment in a small business concern, or disposition, default, modification or extension of any investment of the SBIC. The SEC uses the information to collect details of transactions by SBICs and their affiliated banks.

Filling Out Form N-17D-1

Part I of Form N-17D-1 states: "If the SBIC and a bank which is an affiliated person of either the SBIC, or an affiliated person of the SBIC, have made investments in a small business concern contemporaneously, or if either the SBIC or such bank has made an investment in the small business concern at a time when there was an existing investment in such small business concern by the other, set forth with respect to the investments in each such concern by the SBIC and the bank the following information:"

• The name and address of the small business concern in which investments were made and the nature of its business.  
• The name and address of the bank which made an investment in the small business concern and the basis of the affiliation of such bank with the SBIC. 
• A description, as of the date each such SBIC or bank investment in the small business concern was made during the reporting period.
• The use or proposed use by the small business concern of the proceeds of the respective investments made during the period.  
• If the SBIC made an investment contemporaneous with or subsequent to an investment by the bank.
• Details as to any interest in the transactions, and as to any contracts, rights or other benefits received or to be received in connection with the transaction

Part II of Form N-17D-1 states: "If the SBIC disposed of an investment, or there was a default in the payment of interest or principal, or an extension or modification of the terms of any investment of the SBIC or affiliate, the following information:"

• Identify the investment, and state whether there was involved a disposition, a default by the issuer in the payment of interest or principal, or an extension or modification of the terms of the investment, and give full details thereof.
• If there was a disposition of the investment, state the amount of profit or loss realized.
• If a loss was sustained, a default occurred, or the terms of the investment were extended or modified, describe the circumstances which resulted therein.