# Federal Register #2026-20360

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

**Buyer:** Securities and Exchange Commission
**Posted:** October 05, 2026
**Respond By:** December 05, 2026
**Identifier:** 2026-20360

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.

[View original listing](https://www.federalregister.gov/documents/2026/10/05/2026-20360/interval-fund-modernization-expansion-of-multiple-share-class-to-registered-closed-end-management)