Federal Register #Investment Company Act Release No. 36027

This notice from the Securities and Exchange Commission (SEC) concerns an application for regulatory exemptions related to investment management agreements: - Government Buyer: - Securities and Exchange Commission (SEC) - Applicants: - Advisors Series Trust - Scharf Investments, LLC - Scope of Request: - Exemption from section 15(a) of the Investment Company Act of 1940 - Relief from certain disclosure requirements regarding subadviser fees - Permission to enter into and amend subadvisory agreements without shareholder approval - Products/Services: - No physical products or specific service procurements are requested - Focus is on regulatory relief for investment management agreements - Unique/Notable Requirements: - Relief specifically targets the process for amending subadvisory agreements and related fee disclosures - No OEMs or commercial vendors are involved; this is a regulatory matter

This notice from the Securities and Exchange Commission announces an application filed by Advisors Series Trust and Scharf Investments, LLC seeking exemptions under the Investment Company Act of 1940. The requested relief would allow the applicants to enter into and materially amend subadvisory agreements without shareholder approval and to obtain relief from certain disclosure requirements related to fees paid to subadvisers. The application was filed on October 3, 2025, and amended on February 27, 2026. Interested parties may request a hearing by April 13, 2026.