Wedbush Funds Seek SEC Nod to Bypass Votes on Adviser Swaps
Published Date: 7/10/2025
Notice
Summary
Wedbush Series Trust and Wedbush Fund Advisers want permission to change their subadviser contracts without asking shareholders every time. They’re also asking to skip some usual fee disclosures about these subadvisers. If approved, this could speed up how they manage funds, with a decision expected by early August 2025.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Change Subadviser Deals Without Shareholder Vote
Wedbush asked the SEC for permission to enter into and materially change subadvisory agreements without getting shareholder approval. The application was filed May 29, 2025, and the SEC will issue an order unless a hearing is requested by August 4, 2025.
Fee Disclosure Relief for Subadvisers
Wedbush requested relief from several disclosure rules so it would not have to provide certain fee information about subadvisers, including exemptions from section 15(a) of the Investment Company Act and disclosure requirements in rule 20a-1, Item 19(a)(3) of Form N-1A, parts of Schedule 14A, and parts of Regulation S-X. The company filed this application on May 29, 2025, and parties may request a hearing by August 4, 2025.
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
2026-10373 — 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!
2026-11657 — Franklin Resources, Inc.
Franklin Resources, Inc. is asking the SEC for special permission to create investment groups just for its employees, letting them skip some usual rules. This change mainly affects Franklin’s workers and could make it easier and faster to manage these employee investment partnerships. If no one objects by July 6, 2026, the SEC will approve this exemption, which might save time and money for Franklin and its employees.
2026-11682 — Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend Rule 13.003 Related to Proxy Voting
The Texas Stock Exchange is changing its rules to make sure members vote uninstructed shares fairly by matching how other shareholders vote. This affects anyone holding TXSE-listed stocks and aims to make proxy voting more transparent and balanced. The new rule kicks in soon and could impact how shareholder meetings run, but it doesn’t involve extra costs.
2026-11683 — Self-Regulatory Organizations; Nasdaq Phlx, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Permit Non-Conforming Ratios
Nasdaq Phlx is shaking things up by letting Complex Orders trade with both regular and unusual ratios on their trading platform and auctions. This change affects traders using the Complex Order Book and aims to boost flexibility and trading options starting immediately. No extra fees or delays—just more ways to trade smarter and faster!
Previous / Next Documents
Previous: 2025-12887 — United States v. Hewlett Packard Enterprise Co., et al.; Proposed Final Judgment and Competitive Impact Statement
The U.S. government says Hewlett Packard Enterprise’s plan to buy Juniper Networks could hurt competition. To keep things fair, HPE must sell off its Instant On business and share Juniper’s Mist AI software code. People have 60 days to comment before the deal gets final, so the tech world stays exciting and competitive!
Next: 2025-12889 — National Drinking Water Advisory Council; Meeting
The EPA is teaming up with the National Drinking Water Advisory Council to talk about new rules for keeping harmful PFAS chemicals out of our drinking water. This meeting affects everyone who drinks water and aims to make it safer and cleaner. Stay tuned for the agenda and get ready for some important updates that could impact water safety and health soon!