Type:Notice
Citation:90 FR 8410
Reading Time:about 2 minutes
The Securities and Exchange Commission (SEC) has released a notice about an application by Guardian Variable Products Trust and Park Avenue Institutional Advisers LLC. They are seeking an exemption from the requirement of the Investment Company Act of 1940 that mandates in-person meetings for approving new or amended sub-advisory agreements. The application was filed on December 13, 2024, and the SEC may hold a hearing if requested by interested parties. Hearing requests must be submitted to the SEC by February 18, 2025.
Simple Explanation
The SEC is thinking about letting some financial companies have important meetings online instead of in person, but it's not clear why they should get this special permission or how it might affect everyone involved.