Federal Register #2026-20360

SEC proposal to modernize interval-fund rules and permit multiple share classes for regulated closed-end funds

The Securities and Exchange Commission (SEC) proposes regulatory changes for interval funds and other regulated closed-end funds. - Government buyer: None; this is an SEC rulemaking proposal, not a procurement opportunity. - Proposed changes: Offer more flexibility in interval-fund repurchase-offer timing and procedures, and replace specified liquidity requirements with a principles-based approach. - Fund structures and fees: Permit regulated closed-end funds to issue multiple share classes under specified conditions and allow certain asset-based distribution and service-fee arrangements. - Disclosures and rules: Add or revise prospectus, shareholder-report, and regulatory-form disclosures, and rescind related existing exemptive orders. - OEMs and vendors: None identified. No products, services, part numbers, or quantities are requested.

Description

The Securities and Exchange Commission proposes amendments to rules governing registered closed-end management investment companies and business development companies that make periodic repurchase offers to shareholders at net asset value. The proposal would increase flexibility in repurchase-offer timing and procedures, and replace specified liquidity requirements with a principles-based approach. It would also permit regulated closed-end funds to issue multiple share classes, subject to requirements, and add related prospectus and shareholder-report disclosures. The Commission also proposes updating forms and rescinding existing related exemptive orders.

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