RBB Fund Wants to Ghost Shareholders on Fee Changes
Published Date: 12/1/2025
Notice
Summary
The RBB Fund Trust and Clearbrook Investment Consulting want permission to change their subadvisory agreements without asking shareholders every time. They’re also asking to skip some usual fee disclosure rules. If approved, this could speed up their work and affect how fees are shared, with a decision expected by late December 2025.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Change Subadviser Deals Without Shareholder Vote
The RBB Fund Trust and Clearbrook asked the SEC on July 1, 2025 (with amended filings on September 5, 2025 and October 23, 2025) for an exemption that would let them enter into and materially amend subadvisory agreements without getting shareholder approval. If the SEC grants the order without a hearing (hearing requests due December 22, 2025), this change would let the funds alter subadviser contracts without a shareholder vote and could speed up how the fund operates.
Relief From Fee Disclosure Rules
The applicants requested relief from certain disclosure rules (including rule 20a-1, Item 19(a)(3) of Form N-1A, portions of Schedule 14A, and parts of Regulation S-X) as they relate to fees paid to subadvisers. If granted, the funds could omit or change some fee disclosures about subadviser payments.
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