Investment Funds Say Goodbye: SEC Approves Deregistration Requests Quietly
Published Date: 12/3/2025
Notice
Summary
Investment funds that have closed down and paid back their investors can now officially stop being registered with the SEC. If you’re involved with one of these funds, you can request a hearing by December 23, 2025, but otherwise, deregistration will happen smoothly. This means less paperwork and fewer rules for these funds, with no extra costs for investors since liquidation expenses are already covered.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Closed funds can deregister with SEC
If you run an investment fund that has closed and returned money to shareholders, you can have the fund declared to have ceased being an investment company under Section 8(f) of the Investment Company Act. The SEC will issue an order granting each deregistration application unless it orders a hearing; hearing requests must be received by 5:30 p.m. on December 23, 2025.
Investors not charged liquidation expenses
If you were a shareholder in any of the listed funds, you did not pay the liquidation expenses because advisers or acquiring funds paid those costs. The notice lists expenses paid as $14,914 (AB Global Real Estate Investment Fund), $50,595 (BIF Multi State Municipal Series Trust), $400,000 (BNY Mellon Municipal Income, Inc.), $3,522.24 (General New York Municipal Money Market Fund), $371,762 (Putnam Arizona Tax Exempt Income Fund), and $35,000 (Virtus Convertible & Income 2024 Target Term Fund).
Right to request hearing by Dec 23, 2025
If you want a hearing on any deregistration application, you may request one by emailing the SEC Secretary and serving the applicant, and the SEC must receive your hearing request (with proof of service) by 5:30 p.m. on December 23, 2025. Persons seeking notification of a hearing may also request notification by writing to the Commission's Secretary.
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