# 2025-21629: RBB Fund Wants to Ghost Shareholders on Fee Changes

2025-21629, The RBB Fund Trust and Clearbrook Investment Consulting, LLC, is a Federal Register notice from Securities and Exchange Commission published 2025-12-01, effective Hearing requests should be received by 5:30 p.m. on December 22, 2025. (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-21629
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-21629
- Title: The RBB Fund Trust and Clearbrook Investment Consulting, LLC
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 55229
- Published: 2025-12-01
- Effective: Hearing requests should be received by 5:30 p.m. on December 22, 2025.
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

RBB Fund Wants to Ghost Shareholders on Fee Changes

## Summary

The RBB Fund Trust and Clearbrook Investment Consulting want permission to change their subadvisory agreements without asking shareholders every time. They’re also asking to skip some usual fee disclosure rules. If approved, this could speed up their work and affect how fees are shared, with a decision expected by late December 2025.

## Effects PRIA read

- Change Subadviser Deals Without Shareholder Vote: cost, low. The RBB Fund Trust and Clearbrook asked the SEC on July 1, 2025 (with amended filings on September 5, 2025 and October 23, 2025) for an exemption that would let them enter into and materially amend subadvisory agreements without getting shareholder approval. If the SEC grants the order without a he…
- Relief From Fee Disclosure Rules: cost, low. The applicants requested relief from certain disclosure rules (including rule 20a-1, Item 19(a)(3) of Form N-1A, portions of Schedule 14A, and parts of Regulation S-X) as they relate to fees paid to subadvisers. If granted, the funds could omit or change some fee disclosures about subadviser paymen…

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## Sources
- [2025-21629 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/01/2025-21629/the-rbb-fund-trust-and-clearbrook-investment-consulting-llc)
- [2025-21629 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-01/pdf/2025-21629.pdf)

## Related
- [Previous: 2025-21627, In the Matter of the Application of Dream Exchange Holdings, Inc. for Registrat…](https://policyrisk.com/federal-register/2025-21627)
- [Next: 2025-21630, Antares Private Credit Fund, et al.](https://policyrisk.com/federal-register/2025-21630)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-21629 (as of 2026-06-08).