The Securities and Exchange Commission (SEC) has announced a notice regarding an application submitted by Venerable Variable Insurance Trust and Venerable Investment Advisers, LLC. This application seeks an exemption from certain requirements under the Investment Company Act of 1940, which would allow the applicants to modify agreements with subadvisers without needing shareholder approval. Additionally, the exemption would provide relief from some disclosure rules related to the fees paid to these subadvisers. Interested individuals can request a hearing on this matter by March 3, 2025.
Simple Explanation
The SEC is thinking about letting two companies, Venerable Variable Insurance Trust and Venerable Investment Advisers, change some rules so they can work with other companies to help them manage money without asking all the people who invest with them first. People who care about this decision can speak up by a certain date.