# 2025-11100: NYSE Ditches Yearly Meetings for Closed-End Funds

2025-11100, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending Section 302.00 of the NYSE Listed Company Manual, is a Federal Register notice from Securities and Exchange Commission published 2025-06-17, effective The proposed rule change was filed on June 6, 2025; comments are requested on or before July 8, 2025. The Commission will act within 45 days of publication in the Federal Register or within a longer period up to 90 days. (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-11100
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-11100
- Title: Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending Section 302.00 of the NYSE Listed Company Manual
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 25659
- Published: 2025-06-17
- Effective: The proposed rule change was filed on June 6, 2025; comments are requested on or before July 8, 2025. The Commission will act within 45 days of publication in the Federal Register or within a longer period up to 90 days.
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

NYSE Ditches Yearly Meetings for Closed-End Funds

## Summary

The New York Stock Exchange wants to change its rules so that closed-end funds don’t have to hold yearly shareholder meetings anymore. This affects closed-end funds registered under the 1940 Act and could save them time and money. The change was proposed on June 6, 2025, and is now open for public comments before it can take effect.

## Effects PRIA read

- Newly‑Listed Closed‑End Funds Exempted: benefit, medium. The NYSE proposes that closed-end funds (CEFs) that list after approval would not have to hold annual shareholder meetings under Section 302.00 of the NYSE Listed Company Manual. The filing was made on June 6, 2025; existing CEFs listed before approval would still be required to hold annual meeting…
- Existing CEFs Keep Meeting Requirement: benefit, low. CEFs that are already listed on the NYSE before the rule is approved would remain subject to the Exchange's annual shareholder meeting requirement. The Exchange says this approach preserves existing voting rights for current shareholders.
- Business Development Companies Not Included: cost, low. The Exchange explicitly does not propose to exempt business development companies (BDCs) from the annual shareholder meeting requirement; the exemption is limited to closed-end funds registered under the 1940 Act. BDCs listed under Section 102.04B would remain subject to Section 302.00.
- Aimed to Reduce Activism and Reopen IPO Market: benefit, medium. The Exchange states removing the annual meeting requirement for newly‑listed CEFs could reduce activist targeting using discount arbitrage and help re-open the listed CEF IPO market; the filing notes there were zero listed CEF IPOs in 2023 and three in 2024. The Exchange says this change would remo…

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## Sources
- [2025-11100 on federalregister.gov](https://www.federalregister.gov/documents/2025/06/17/2025-11100/self-regulatory-organizations-new-york-stock-exchange-llc-notice-of-filing-of-proposed-rule-change)
- [2025-11100 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-06-17/pdf/2025-11100.pdf)

## Related
- [Previous: 2025-11099, Joint Industry Plan; Notice of Filing of Amendment to the National Market Syste…](https://policyrisk.com/federal-register/2025-11099)
- [Next: 2025-11101, Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-11101)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-11100 (as of 2026-06-08).