Finance Fast-Track: Skipping Votes on Subadviser Deals
Published Date: 6/23/2025
Notice
Summary
Advisors Series Trust and Distribution Cognizant, LLC want permission to change their subadvisory agreements and fees without asking shareholders first. This means they can update deals with their subadvisers more quickly and keep some fee details private. If no one asks for a hearing by July 14, 2025, the SEC will approve these changes.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Funds Can Change Subadviser Agreements
If you own shares in Advisors Series Trust funds, the SEC may allow the funds to enter into and materially amend subadvisory agreements with subadvisers without asking shareholders for approval. The application was filed May 9, 2025 (amended May 20, 2025), and the SEC will issue the order unless a hearing is requested by 5:30 p.m. on July 14, 2025.
Funds May Keep Subadviser Fees Private
If you own shares in Advisors Series Trust funds, the SEC may grant relief that lets the funds avoid certain disclosure requirements about fees paid to subadvisers, reducing public transparency about those fees. The requested relief seeks exemptions from rule 20a-1, Item 19(a)(3) of Form N-1A, parts of Schedule 14A, and sections of Regulation S-X; a hearing must be requested by 5:30 p.m. on July 14, 2025 to challenge the order.
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