Winding Down Funds Wave Goodbye to SEC Oversight
Published Date: 3/4/2026
Notice
Summary
Closed-end investment companies that have finished winding down can apply to officially stop being registered with the SEC under Section 8(f) of the Investment Company Act. This notice lists those applications for February 2026 and explains how people can request a hearing by March 24, 2026. The process helps companies save money by ending unnecessary registration costs once they’ve wrapped up business.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Listed closed-end funds applied to deregister
A long list of closed-end investment companies filed applications asking the SEC to declare they have ceased to be investment companies. Many of the applicants made final or liquidating distributions to shareholders on specific dates (examples: CSME Fund I on September 22, 2025; multiple Van Kampen funds on June 1, 2010; Federated Hermes International Series on January 24, 2025; PIMCO funds on August 1, 2025; The China Fund on October 31, 2025; Tax Free Fund for Puerto Rico Residents on December 16, 2025).
Some funds retained cash for liabilities
A few applicants reported keeping cash instead of fully distributing it so they can pay outstanding liabilities and accrued expenses (for example, Tax Free Fund for Puerto Rico Residents retained approximately $1,600,000; The China Fund retained approximately $360,000).
Advisers paid many liquidation expenses
For many of the listed reorganizations or liquidations, the notice states the liquidation or reorganization expenses (examples include $10,000; $193,240; $288,235.66; $2,882,356.64; $1,441,178.32; $1,729,413.98; $576,471.33; $2,606.41; $88,438; $90,122; $86,500; $255,038; $243,912; $250,369; $258,962; $227,689; $225,169) were paid by the applicant's investment adviser and/or the acquiring fund's investment adviser, and/or by the applicant itself in some cases.
Right to request hearing by March 24, 2026
If you are an interested person who wants to contest any listed deregistration application, you may request a hearing by emailing the SEC Secretary and serving the applicant; hearing requests must be received by 5:30 p.m. Eastern on March 24, 2026 and should include proof of service and the filer’s interest and the issues contested.
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!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2026-04228 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 19b-5 and Form PILOT
The SEC is extending the paperwork rules for special pilot trading systems run by stock market groups. These groups must keep the SEC updated with reports and changes while testing new trading ideas, usually for up to two years. This keeps trading fair and transparent without adding big costs or delays.
Next: 2026-04230 — Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay Implementation of the Change To Provide Origin Code in the Liquidity Seeking Event Notification Messages on the Administrative Information Subscriber (“AIS”) Feed
MIAX is hitting the pause button on adding origin codes to its AIS feed’s liquidity event messages. This delay means traders and tech teams get more time to adjust without any surprise costs or rushed changes. Everyone using MIAX’s data feed can breathe easy while the Exchange fine-tunes the rollout.