The Securities and Exchange Commission (SEC) published a notice regarding two applicants, Premier Multi-Series VIT and SEI Insurance Products Trust, seeking orders to stop being classified as investment companies. Premier Multi-Series VIT made a final distribution to its shareholders on April 22, 2020, and incurred expenses of roughly $97,923 in this process. SEI Insurance Products Trust completed a similar process on September 28, 2020, costing around $21,512. Both companies filed official applications in 2020 to formalize their requests with the SEC.
Simple Explanation
The Securities and Exchange Commission (SEC) is sharing that two companies want to stop being called "investment companies" because they gave the money back to the people who put money in and then closed. They paid a lot of money to do this, but it's not clear why or how it was decided.