Investment Fund Asks SEC to Tweak Share Fees
Published Date: 6/26/2026
Notice
Summary
Third Lake Partners wants permission to offer different types of shares in their investment fund and charge fees based on assets or early withdrawals. This change affects investors in their closed-end fund and could impact how fees are paid. If no one asks for a hearing by July 20, 2026, the SEC will likely approve it soon after.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Asset-Based Distribution and Service Fees
The applicants seek authority to impose asset-based distribution and/or service fees on shares of the closed-end fund. The application was filed May 11, 2026, and hearing requests must be received by 5:30 p.m. Eastern on July 20, 2026.
Early Withdrawal Charges Permitted
The applicants request permission to impose early withdrawal charges on the fund's shares, meaning investors could be charged for redeeming or withdrawing early. The filing date is May 11, 2026; hearing requests are due by July 20, 2026 at 5:30 p.m. Eastern.
Fund May Offer Multiple Share Classes
The fund has applied for permission to issue multiple classes of shares for its registered closed-end fund. The application was filed on May 11, 2026; interested persons may request a hearing by 5:30 p.m. Eastern on July 20, 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
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
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!
2026-12871 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Form N-PX
The SEC is asking to extend the use of Form N-PX, which helps investment funds share how they vote on important issues with investors. This keeps things transparent and ensures funds follow the rules. If you’re an investment manager, get ready to keep filing this form—comments on the extension are open until July 27, 2026, with no new costs expected.
2026-12865 — Nilsine Partners NP1X Fund and Nilsine Partners, LLC
Nilsine Partners NP1X Fund and Nilsine Partners, LLC asked the SEC for permission to offer different types of shares with fees based on assets, plus early withdrawal charges. This affects investors in these funds by potentially changing how fees work and when they pay them. The SEC will decide by July 20, 2026, unless someone asks for a hearing.
Previous / Next Documents
Previous: 2026-12865 — Nilsine Partners NP1X Fund and Nilsine Partners, LLC
Nilsine Partners NP1X Fund and Nilsine Partners, LLC asked the SEC for permission to offer different types of shares with fees based on assets, plus early withdrawal charges. This affects investors in these funds by potentially changing how fees work and when they pay them. The SEC will decide by July 20, 2026, unless someone asks for a hearing.
Next: 2026-12867 — Submission for OMB Review; Comment Request
The Department of Agriculture wants your thoughts on a form they use to track genetically modified plants and organisms moving around the U.S. They’re checking if the form is useful, clear, and not too much work for people to fill out. If you have ideas or concerns, you’ve got until July 27, 2026, to speak up—this helps keep plant pests out and protects our farms without wasting time or money.