Fund Seeks SEC Nod for New Shares and Withdrawal Fees
Published Date: 4/30/2026
Notice
Summary
AAM/Wilshire Infrastructure Fund and Advisors Asset Management want permission to offer different types of shares and charge fees for early withdrawals and services. This change affects investors in their closed-end funds and could impact how much they pay and when. The SEC will decide by May 22, 2026, unless someone asks for a hearing.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Fund may create multiple share classes
AAM/Wilshire asked the SEC for permission to let its closed-end fund issue multiple classes of shares. If the SEC grants this request, the fund could offer different share types to investors in the same fund. The SEC will act unless a hearing is requested by May 22, 2026.
Permission sought for early withdrawal charges
The applicants asked the SEC for permission to impose early withdrawal charges on investors in their closed-end fund. If approved, investors who withdraw early could be charged a fee when they redeem or sell shares. The SEC will act unless a hearing is requested by May 22, 2026.
Asset-based distribution/service fees requested
The applicants want permission to charge asset-based distribution and/or service fees to investors in the closed-end fund. If allowed, these fees would be charged based on assets and could raise ongoing costs for fund shareholders. The SEC will decide unless a hearing is requested by May 22, 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: 2026-08359 — Wasatch Funds Trust and Wasatch Advisors LP
Wasatch Funds Trust and Wasatch Advisors LP want permission to change their subadvisory agreements without asking shareholders every time and to keep some fee details private. This means they can work faster and keep some info under wraps, but shareholders can still ask for a hearing by May 22, 2026. No direct money changes are announced, but this could speed up how they manage fees and agreements.
Next: 2026-08361 — Parts and Accessories Necessary for Safe Operation; Application for Exemption From ROSHO Automotive Solutions
ROSHO Automotive Solutions wants permission to replace big truck side mirrors with their cool camera-based Mirror System. This change could help truck drivers see better and maybe make driving safer. Truck companies and drivers should weigh in by June 1, 2026, before the government decides if this new tech gets the green light.