The Securities and Exchange Commission (SEC) has announced a notice for an application regarding certain exemptions under the Investment Company Act of 1940. This application seeks to allow some registered closed-end investment companies to issue multiple share classes and charge early withdrawal fees, along with asset-based distribution and service fees. The application was submitted by the Capital Group KKR Multi-Sector+, Capital Group KKR Core Plus+, and Capital Research and Management Company on November 7, 2024. Public comments or requests for a hearing on this application must be submitted to the SEC by January 3, 2025.
Simple Explanation
The government group in charge of watching over money rules, called the SEC, got a special request from some big investment companies. These companies want permission to sell their funds in a bit unusual way, by using different types of shares and charging some extra fees if people take their money out early.