Investment Advisers Seek More Flexibility for Subadviser Agreements
Published Date: 10/28/2026
Notice
Summary
Valued Advisers Trust and Long Short Advisors, LLC want permission to change their subadvisory agreements without asking shareholders every time. They’re also asking to skip some usual fee disclosures about payments to subadvisers. If approved, this will speed up their operations, with a chance for the public to request a hearing by November 20, 2026.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
Requested Relief From Fee Disclosure Requirements
The applicants seek relief from certain disclosure requirements (including rule 20a-1 under the Investment Company Act, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, and sections 6-07(2)(a),(b),(c) of Regulation S-X) so they would not have to make specified disclosures about fees paid to subadvisers. The public may request a hearing on the application by November 20, 2026.
Funds May Amend Subadviser Deals Without Shareholder Vote
The applicants ask permission to enter into and materially amend subadvisory agreements with subadvisers without getting shareholder approval. The application was filed March 30, 2026, and amended June 26, 2026 and September 25, 2026; interested persons may request a hearing by November 20, 2026.
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