SEC Renews Rule for Closed-End Fund Share Buyback Notices
Published Date: 11/28/2025
Notice
Summary
The SEC is asking to keep a rule that helps closed-end funds tell investors when they plan to buy back or redeem shares. This rule affects fund managers and investors by ensuring fair and clear communication, with no changes or new costs involved. The SEC just wants to extend the current approval to keep things running smoothly without any surprises.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Estimated Annual Filing Burden and Cost
The Commission estimates about 75 closed-end funds undertake an average of 110 proposed calls or redemptions annually under rule 23c-2. Staff estimates each proposed call/redemption requires about 1.5 hours to prepare, for a total annual respondent reporting burden of 165 hours and a total annual cost to all funds of $81,180.
30‑Day SEC Notice for Redemptions
Closed-end funds that plan to call or redeem securities must file a notice with the SEC at least 30 days before the date set for the call or redemption. If the notice is required to be published in a newspaper, the filing must occur within 10 days of publication. The notice must state (1) the class title, (2) the date of the call/redemption, (3) the governing instrument provisions allowing the call/redemption, and (4) if less than all shares are called, the number of shares or principal amount and the basis for selecting shares.
No‑Discrimination / Pro Rata Redemptions
When less than all outstanding shares of a class or series are called or redeemed, closed-end funds must make the call or redemption by lot on a pro rata basis or otherwise in a manner that does not discriminate against any shareholders.
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Key Dates
Department and Agencies
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