The Securities and Exchange Commission (SEC) announced a notice regarding an application under the Investment Company Act of 1940. The application, filed by The RBB Fund Trust and First Eagle Investment Management, LLC, seeks an exemption allowing them to enter into sub-advisory agreements without needing shareholder approval. In addition, they are also requesting relief from certain disclosure requirements concerning fees paid to subadvisers. The SEC will grant this request unless a hearing is ordered, and interested parties can request a hearing by contacting the SEC by February 24, 2025.
Simple Explanation
The SEC is thinking about letting a fund and a company make special deals without asking the people who own a piece of the fund. They're also asking not to talk about the money that gets paid to some helpers, but people can ask questions about this before February 24, 2025.