The Securities and Exchange Commission (SEC) has released a notice concerning an application by The Advisors' Inner Circle Fund and Pathstone Family Office, LLC. They are seeking an exemption from certain regulations under the Investment Company Act of 1940 to allow hiring and replacing sub-advisers without shareholder approval. This would also grant relief from some disclosure rules related to fees paid to these sub-advisers. The goal is to streamline the process and reduce unnecessary delays and costs for the funds involved.
Simple Explanation
Imagine a club that wants to hire or change helpers without asking everyone in the club for a vote each time. This notice is about a group asking to do just that, and they're also asking to keep some payment details private to make decisions faster and cheaper, but some people might feel left out or confused.