SEC Extends Review on Skipping Annual Investor Meet-Ups
Published Date: 12/5/2025
Notice
Summary
The New York Stock Exchange wants to change its rules so that certain closed-end funds don’t have to hold yearly shareholder meetings anymore. The SEC is taking extra time to decide if this change is a good idea. This affects closed-end funds and could save them time and money if approved.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Closed-end funds may skip annual meetings
The NYSE proposed amending Section 302.00 of the NYSE Listed Company Manual to exempt closed-end funds registered under the Investment Company Act of 1940 from the requirement to hold annual shareholder meetings. If approved, closed-end funds would not have to hold yearly shareholder meetings.
Shareholders may lose annual meeting access
The proposed rule change would exempt closed-end funds (under the Investment Company Act of 1940) from holding annual shareholder meetings, which means investors in those closed-end funds might not have an annual meeting to attend. The SEC extended its decision period and will decide by February 12, 2026.
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Previous: 2025-21982, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Exempt Closed-End Management Investment Companies Registered Under the Investment Company Act of 1940 That Are Listed as of or After May 20, 2025 From the Annual Meeting of Shareholders Requirement Set Forth in Exchange Rule 14.10(f)
The SEC is taking more time to decide if certain investment companies listed after May 20, 2025, can skip holding annual shareholder meetings. This change affects closed-end management investment companies and could save them time and money. The decision deadline has been extended, so everyone’s waiting to see what happens next!
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