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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
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!
2026-10241 — Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Operational Arrangements (Necessary for Securities to Become and Remain Eligible for DTC Services)
The Depository Trust Company (DTC) is updating its rules to make it easier and clearer for agents handling corporate offers like tenders and subscriptions through its automated systems. This change affects companies and agents using DTC services to process these offers and starts right away with no extra costs. It’s all about smoother, faster, and more reliable processing for everyone involved!
2026-10244 — Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Applicable to Members Concerning Equities Transaction Pricing
Investors Exchange (IEX) is updating its fee schedule starting June 1, 2026. Members who trade stocks will see changes in how they qualify for rebates and fee discounts based on their trading volume. These tweaks aim to make fees fairer and encourage more trading activity on the exchange.
2026-10245 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 3120 To Increase the Position and Exercise Limits for Options on the iShares Bitcoin Trust ETF
BOX Exchange is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF. This change lets bigger players trade more freely and takes effect immediately, matching similar moves by other exchanges. If you trade these options, get ready for bigger opportunities starting now!
2026-10129 — The Goldman Sachs Group, Inc.
Goldman Sachs is asking the SEC for special permission to create investment funds just for its employees, letting them skip some usual rules. This change mainly affects Goldman Sachs workers and could speed up how these funds work without changing important protections. If no one objects by June 12, 2026, the SEC will approve this request.
2026-10168 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 17a-2
The SEC is asking to keep the rules that require underwriters to keep records about certain stock market activities for three years. About 647 companies spend around 3,235 hours and $530,000 yearly to follow these rules. This extension keeps things running smoothly without adding new costs or changes.
Previous / Next Documents
Previous: 2025-11401 — Certain Organic Light-Emitting Diode Display Modules and Components Thereof; Notice of a Commission Decision Not To Review an Initial Determination Amending the Complaint and Notice of Investigation
The U.S. International Trade Commission decided to keep a change that updates the name of a company involved in a case about certain OLED display parts. This affects the companies in the investigation and keeps the process moving without delays. No new money or deadlines were added, but the name fix helps keep things clear and official.
Next: 2025-11404 — Guidance on Referrals for Potential Criminal Enforcement
The U.S. Nuclear Regulatory Commission (NRC) is updating how it handles cases where someone might have broken the law related to nuclear rules. This new guidance makes it clearer when and how the NRC will refer these cases for criminal enforcement, helping keep things fair and safe. If you work with or are regulated by the NRC, expect smoother, more transparent processes soon—no surprise costs or delays ahead!