Cboe Frees New Funds from Yearly Meetings: Investors Get a Break
Published Date: 6/6/2025
Notice
Summary
Starting May 20, 2025, certain closed-end investment companies listed on the Cboe BZX Exchange won’t have to hold annual shareholder meetings anymore. This change affects new listings from that date forward, making things simpler and potentially saving money on meeting costs. It’s a smart update that keeps things efficient without cutting corners on investor protections.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Newly Listed Closed‑End Funds: No Mandatory Annual Meeting
If you own or plan to buy shares in a closed-end fund that lists on the Cboe BZX Exchange on or after May 20, 2025, that fund would not be required by Exchange Rule 14.10(f) to hold an annual shareholder meeting. Funds listed on or after May 20, 2025 can still choose to include annual meeting requirements in their bylaws, and the 1940 Investment Company Act protections would continue to apply.
Potential Cost Savings and IPO Market Effects
The Exchange states eliminating the annual meeting requirement for funds listed on or after May 20, 2025 could remove annual meeting costs that range from $32,000 to $761,000 per fund and thereby lower expense ratios for retail shareholders. The Exchange also says this change could help re-open the listed closed-end fund IPO market and generate capital formation.
Funds Transferring Keep Annual Meeting Duty
Closed-end funds that transfer to the Cboe BZX Exchange from another listing exchange will continue to be required to hold annual shareholder meetings under Exchange Rule 14.10(f). Existing closed-end funds already listed elsewhere won't lose their exchange-mandated annual meeting obligations if they move to BZX.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-05635, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
Previous / Next Documents
Previous: 2025-10282, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Rules Governing the Listing and Trading of Shares of the VanEck Bitcoin Trust and the VanEck Ethereum Trust To Permit In-Kind Creations and Redemptions Under Rule 14.11(e)(4) (Commodity-Based Trust Shares)
The Cboe BZX Exchange wants to change the rules for trading VanEck Bitcoin and Ethereum Trust shares to allow 'in-kind' creations and redemptions, meaning shares can be swapped directly for the actual cryptocurrencies instead of cash. This affects investors and traders of these crypto trusts and could make trading smoother and possibly cheaper. The SEC is now deciding whether to approve this change by June 3, 2025.
Next: 2025-10284, Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Emerald Options Exchange Fee Schedule To Remove Text Capping the Number of Limited Service MIAX Emerald Express Interface Ports Available to Each Market Maker
MIAX Emerald is changing its rules to remove the limit on how many special connection ports Market Makers can use to send quotes. Instead of listing this cap in the fee schedule, it’ll be in a separate document on their website, with no change to the fees. This update takes effect right away and helps Market Makers get more flexible access without extra costs.