The Securities and Exchange Commission (SEC) has announced a notice about an application from The RBB Fund Trust and Tweedy, Browne Company LLC. They are seeking an exemption from specific requirements under the Investment Company Act of 1940. This would allow them to make changes to subadvisory agreements without needing shareholder approval. The notice includes details on how interested individuals can request a hearing regarding this application.
Simple Explanation
Imagine a company that wants to change who helps manage your money without asking you first, and some people are worried they won't explain why they want to do that. The government is saying that if anyone thinks this isn't fair, they can speak up, but they have to do it quickly and follow special rules.