SEC Eyes Skipping Shareholder Votes for Faster Fund Tweaks
Published Date: 3/19/2026
Notice
Summary
The RBB Fund Trust and M.D. Sass, LLC want permission to change their subadviser contracts without asking shareholders every time. They’re also asking to skip some usual fee disclosures to make things simpler. If no one objects by April 13, 2026, the SEC will likely say yes, which could speed up how these funds manage their money.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Subadviser Contracts Without Shareholder Vote
The RBB Fund Trust and M.D. Sass, LLC ask the SEC for permission to enter into and materially change subadvisory agreements without getting shareholder approval. The application was filed on January 27, 2026, and an order granting relief will be issued unless the SEC orders a hearing; hearing requests must be received by April 13, 2026.
Reduced Fee Disclosure for Subadvisers
The applicants seek relief from certain disclosure requirements about fees paid to subadvisers, including rules under rule 20a-1, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, and parts of Regulation S-X. This would mean investors might not receive the usual fee disclosures tied to subadviser arrangements.
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