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Form N-54C Filings

SEC Form N-54C is a formal filing used by a business development company to withdraw its election to be subject to Sections 55 through 65 of the Investment Company Act of 1940. It begins the process of ending that company’s status under the business development company regulatory framework.

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ID Form Filer Name Filing Agent Date Actions
21968808N-54CFirsthand Technology Value Fund, Inc.Filepoint /fa08/18/2026
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23054636N-54CInvestcorp Us Private Credit Bdc Ii Liquidating Trust Self 08/13/2026
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23006732N-54CVenture Lending & Leasing Ix, Inc. Self 07/22/2026
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What Is SEC Form N-54C?

SEC Form N-54C is an important filing required under Section 54(c) of the Investment Company Act of 1940. It is used by a business development company to notify the Securities and Exchange Commission (SEC) that it is withdrawing its election to be subject to Sections 55 through 65 of the Act.

This form is typically filed when a company no longer intends to operate under the regulatory framework applicable to business development companies. Once Form N-54C is submitted, the withdrawal becomes effective immediately upon receipt by the SEC, and filers may review fund filing activity alongside other investment company disclosures.

Form N-54C ensures transparency by formally notifying regulators that the company is withdrawing its prior election. While it ends the company’s election to be regulated under Sections 55 through 65, it does not by itself determine whether the company remains subject to other provisions of the Investment Company Act.

Key elements typically found in SEC Form N-54C include:

  • Name of the company
  • Address of the principal business office
  • Telephone number of the company
  • File number under the Securities Exchange Act of 1934, if applicable
  • Statement withdrawing the election under Section 54(c)
  • Signature of a director, officer, trustee, or general partner, as applicable

SEC Form N-54C Filing Deadlines

SEC Form N-54C does not have a fixed periodic filing deadline. It is filed as needed when a business development company decides to withdraw its election to be subject to Sections 55 through 65 of the Investment Company Act of 1940.

Filing Stage Timeline Details
Withdrawal Decision As needed The company determines that it will withdraw its election to be regulated as a business development company
Form N-54C Filing As needed Filed with the SEC pursuant to Section 54(c) of the Investment Company Act of 1940
Withdrawal Effective Date Immediately upon receipt The withdrawal of the election becomes effective when the SEC receives the filing
Additional Regulatory Status Not applicable The company may still be subject to other provisions of the Investment Company Act unless another exemption applies

Key Things to Know About Form N-54C Filing Rules

  • Used for Withdrawal of BDC Election: Form N-54C is specifically used by a business development company to withdraw its election to be subject to Sections 55 through 65 of the Investment Company Act of 1940.
  • Effective Upon Receipt: Unlike some SEC filings that become effective after a waiting period, the withdrawal under Form N-54C is effective immediately when received by the SEC.
  • Not a Full Exemption Filing: Filing Form N-54C only withdraws the company’s election from the business development company regulatory framework. It does not by itself establish that the company is exempt from other sections of the Investment Company Act.
  • Signature Requirements Apply: The filing must be signed by an authorized person, such as a director, officer, trustee, or general partner, depending on the company’s structure.
  • Paper Filing Instructions Matter: The SEC’s form instructions state that the notification is prepared and filed in paper form, and filers often review surrounding filings for context.

Filings such as Form N-54C disclose the withdrawal of business development company status. Related activity can be monitored through the Most Recent SEC Filings section of Filing Insights, with further context available in the most important SEC filings and why they matter, and new company SEC filers.

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