SEC Renews Rule 19b-1 for Fund Gains Reporting Without Changes
Published Date: 3/5/2026
Notice
Summary
The SEC is asking to keep collecting info about how investment funds share their long-term capital gains with investors. This mainly affects funds and unit investment trusts, making sure they follow rules about when and how often they can distribute gains, plus how they notify investors. No big changes or costs are expected, and the review process keeps things running smoothly.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Fund exemptive-application costs
If a registered investment fund applies for permission to distribute long-term capital gains more often than once every 12 months under rule 19b-1(e), the SEC staff estimates one fund will file such an application each year. The staff estimates the fund would incur about 5 hours of internal work costing $6,599.50 and that outside counsel would spend about 10 hours at an estimated cost of $5,310 for preparing the application.
UIT capital-gains notice costs
Unit investment trusts (UITs) that rely on rule 19b-1(c) to make capital gains distributions must send a notice describing the distribution as a capital gains distribution. The SEC staff estimates about 1,779 UITs rely on the rule, that each notice costs about $50 to prepare and send (usually handled by a trustee), and that the annual cost for those notices is about $88,950 (total rule cost estimated at $94,260).
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