Fund Fees Get a Tweak: Investors Yawn?
Published Date: 4/14/2026
Notice
Summary
AMG BBH Asset-Backed Credit Fund and Brown Brothers Harriman Credit Partners want permission to offer different types of shares and charge fees based on assets or early withdrawals. This change affects investors in these funds by potentially changing how fees work and when they pay them. The SEC will approve this unless someone asks for a hearing by May 5, 2026.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Asset-Based Distribution or Service Fees
The funds requested permission to charge asset-based distribution and/or service fees to certain share classes. If approved, investors in these funds could pay fees based on the assets invested in those share classes.
Early Withdrawal Charges Requested
The applicants also requested permission to impose early withdrawal charges. If the SEC approves the request, investors who redeem shares early from affected classes could face a charge.
Permission to Issue Multiple Share Classes
If you invest in AMG BBH Asset-Backed Credit Fund, LLC or Brown Brothers Harriman Credit Partners, LLC, the funds have applied for permission to issue multiple classes of shares. The SEC says it will issue the order unless someone requests a hearing by 5:30 p.m. Eastern on May 5, 2026.
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
2026-07651 — 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, because changes could affect how audits are done and funded.
2026-09742 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Adopt a New Fee Code for Market-Maker Complex Orders Executed on the Complex Order Book That Add Liquidity in Penny Program Securities and To Amend Its Orders Submitted With a Designated Give Up Program
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in penny stocks. They’re also tweaking rules for orders using a special Give Up program. These changes mainly affect market makers and traders using complex orders, aiming to make fees clearer and trading smoother.
2026-09745 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, MEMX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system through the end of the year. This fee supports tracking stock trades better and will show up on invoices starting June 2026. If you’re a broker or part of the trading world, get ready to chip in for smoother market oversight!
2026-09728 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Concerning the Consolidated Audit Trail
MEMX is setting new fees for industry members to cover leftover historical costs from the National Market System’s Consolidated Audit Trail, which tracks stock trades. These fees, called Historical CAT Assessment 1A, will collect about $39 million that wasn’t billed before. The change is effective immediately, so affected members should get ready to pay soon!
2026-09736 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq PHLX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
2026-09734 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq Texas is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. Industry members who trade on the exchange will pay these fees starting soon to help cover about $39 million in past expenses not yet billed. This update keeps the system fair and funded without surprises!
Previous / Next Documents
Previous: 2026-07186 — Pelion Ventures VIII Financial Institutions Fund, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest
Pelion Ventures VIII Financial Institutions Fund, L.P. is asking for a special okay to keep investing in 10 small companies, even though some of their related funds will also benefit. This move helps these small businesses grow but needs approval because of rules about conflicts of interest. People have 15 days from April 14, 2026, to share their thoughts before the decision is made.
Next: 2026-07190 — Notice of Request for Additional Information
The Federal Maritime Commission has hit pause on a big shipping agreement update involving major global shipping companies. They’ve asked for more info before the changes can go live, giving everyone 15 days to share their thoughts. This means the planned update is delayed, but no extra costs or deadlines have been set yet.