[Federal Register: May 4, 1999 (Volume 64, Number 85)]
[Notices]               
[Page 23881]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr04my99-108]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. IC-23813, 811-7895]

 
Brantley Capital Corporation; Notice of Application

April 28, 1999.
AGENCY: Securities and Exchange Commission (``SEC'' or ``Commission'').

ACTION: Notice of application for an order under section 8(f) of the 
Investment Company Act of 1940 (the ``Act'').

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SUMMARY OF APPLICATION: Notice of application for an order to declare 
that the registration under the Act of applicant, a business 
development company (``BDC''), has ceased to be in effect as of October 
30, 1996.

FILING DATE: The application was filed on April 26, 1999.

HEARING OR NOTIFICATION OF HEARING: An order granting the application 
will be issued unless the SEC orders a hearing. Interested persons may 
request a hearing by writing to the SEC's Secretary and serving 
applicant with a copy of the request, personally or by mail. Hearing 
requests should be received by the SEC by 5:30 p.m. on May 24, 1999, 
and should be accompanied by proof of service on applicant, in the form 
of an affidavit or, for lawyers, a certificate of service. Hearing 
requests should state the nature of the writer's interest, the reason 
for the request, and the issues contested. Persons who wish to be 
notified of a hearing may request notification by writing to the SEC's 
Secretary.

ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, DC 20549-
0609. Applicant, 20600 Chagrin Boulevard, Suite 1150, Cleveland, Ohio 
44122.

FOR FURTHER INFORMATION CONTACT:
Elaine M. Boggs, Senior Counsel, at (202) 942-0572, or Nadya B. 
Roytblat, Assistant Director, at (202) 942-0564 (Office of Investment 
Company Regulation, Division of Investment Management).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application may be obtained for a fee at the 
SEC's Public Reference Branch, 450 5th Street, N.W., Washington, DC 
20549-0102 (tel. (202) 942-8090).

Applicant's Representations and Legal Analysis

    1. Applicant, a Maryland corporation, elected BDC status by filing 
a Form N-54A under the Act (``Notification of Election'') and a 
registration statement under the Securities Exchange Act of 1934 (the 
``Exchange Act'') on August 23, 1996. A registration statement under 
the Securities Act of 1933 was filed on August 26, 1996. The 
registration statements were declared effective on November 26, 1996, 
and an initial public offering commenced on December 3, 1996.
    2. On October 30, 1996, applicant inadvertently filed a 
Notification of Registration on Form N-8A which caused applicant to be 
registered as an investment company under section 8(a) of the Act. On 
April 16, 1998, applicant filed an amendment to its Notification of 
Election to confirm its status as a BDC and to reiterate its intention 
to be regulated as a BDC. On April 26, 1999, applicant filed an 
application pursuant to section 8(f) of the Act for an order declaring 
that applicant's registration under the Act has ceased to be in effect 
as of October 30, 1996.
    3. Section 54(a) of the Act provides that any company that 
satisfies the definition of a BDC under sections 2(a)(48)(A) and (B) of 
the Act may elect to be subject to the provisions of sections 55 
through 65 of the Act and be regulated as a BDC by filing with the SEC 
a notification of the election. Applicant states that it has 
consistently held itself out to the public as a BDC and not as a 
registered company and that it has complied with the requirements of 
the Act applicable to BDC's since it filed its Notification of 
Election. Applicant further states that its status as a registered 
investment company is purely technical in nature because the period of 
its registration (from the filing of Form N-8A to the present) has been 
entirely within the period of applicant's being subject to regulation 
as a BDC.

    For the SEC, by the Division of Investment Management, under 
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-11141 Filed 5-3-99; 8:45 am]
BILLING CODE 8010-01-M