The Securities and Exchange Commission (SEC) received an application from Columbia Funds Series Trust and Columbia Management Investment Advisers, LLC for an exemption from specific requirements under the Investment Company Act of 1940. The exemption would allow the Trusts' board of trustees to approve changes to sub-advisory agreements without holding in-person meetings, which can be costly and impractical. Instead, these meetings could be conducted using technology that allows board members to communicate simultaneously. The goal is to enable the Trusts to respond more efficiently to changes in the market or to adjust investment strategies without unnecessary delays.
Simple Explanation
The government is letting a company hold important meetings online instead of in person so they can make quick decisions without spending too much time or money.