SEC Mulls Rule Break for Fund Manager’s Staff Funds
Published Date: 7/15/2026
Notice
Summary
Churchill Asset Management LLC asked the SEC for special permission to ease some rules for certain employee investment groups they set up. This change mainly helps employees by letting their partnerships skip some usual regulations, making things simpler and possibly saving money. If no one objects by August 7, 2026, the SEC will approve this exemption.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Employee investment partnerships exempted
Churchill Asset Management asked the SEC for an order to exempt certain partnerships and similar entities formed for the benefit of eligible Churchill employees from most provisions of the Investment Company Act of 1940, while preserving sections 9, 17, 30, and 36 through 53. The application also requests limited exemptions for sections 17(a),(d),(e),(f),(g),(j), sections 30(a),(b),(e),(h), and rule 38a-1, and says each Partnership will be an "employees' securities company" under section 2(a)(13). The SEC will issue the order unless a hearing is requested by 5:30 p.m. Eastern Time on August 7, 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!
2026-14200 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule for Trading on the BOX Options Market LLC Facility To Establish the ORF Rate Under the New Methodology for Assessment and Collection of the ORF
Starting July 2, 2026, BOX Exchange is changing how it charges the Options Regulatory Fee (ORF) for trades on its platform. Traders using BOX will see the ORF calculated with a new method, which could affect how much they pay. This update aims to keep fees fair and clear for everyone involved.
2026-14201 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend its Rules To Permit the Listing of Binary Options Overlying Key Performance Indicators (“KPIs”) Reported by Certain Issuers of Stock (“Binary KPI Options”)
Cboe Exchange wants to let people trade new binary options based on key performance indicators (KPIs) reported by some companies. This change affects investors who like quick, yes-or-no bets on company performance and could open fresh ways to invest starting soon after approval. It’s a cool new twist that might shake up how folks bet on business success!
Previous / Next Documents
Previous: 2026-14247 — Notice of OFAC Sanctions Action
The U.S. Treasury’s OFAC just blocked all property and digital assets of Dmytro Rashevskyi, a Ukrainian individual linked to multiple crypto addresses. From July 13, 2026, Americans can’t do business with him, freezing any money or property he has under U.S. control. This move tightens the squeeze on those involved in shady digital currency activities.
Next: 2026-14250 — [Agency Information Collection Activities; Proposed eCollection, eComments Requested; Extension of a Previously Approved Collection; TitleLaw Enforcement Public Contact Data Collection
The FBI wants to keep collecting info about how law enforcement interacts with the public and is asking for your feedback by August 14, 2026. This helps them improve their work while making sure the process isn’t too much of a hassle. If you’re involved in law enforcement or just curious, now’s the time to share your thoughts!