Federal Register #2026-16066

SEC Technical Amendments to Investment Company Governance Standards

This notice from the Securities and Exchange Commission (SEC) announces technical amendments to governance standards for registered investment companies and business development companies under the Investment Company Act of 1940. - The SEC is revising regulations to reflect a Federal court's decision vacating certain 2004 requirements - The 75% disinterested director requirement is removed - The disinterested chairman requirement is also removed - The Code of Federal Regulations now reverts to requiring only a majority of disinterested directors - No procurement of products or services is involved - No OEMs, vendors, or contract opportunities are mentioned - This is a regulatory update, not a solicitation or award

Description

The Securities and Exchange Commission is adopting technical amendments to a rule under the Investment Company Act of 1940 related to governance standards for registered investment companies and business development companies. These amendments reflect a Federal court's vacatur of certain amendments adopted in 2004, which reverted governance standards to those in effect before the vacated requirements. The technical amendments revise the Code of Federal Regulations to remove the 75% disinterested director requirement and the disinterested chairman requirement, reverting to a majority disinterested director standard. Other provisions of the rule remain unchanged.

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