SEC Notice of Application for Exemption from Shareholder Approval for Subadvisory Agreements by Advisors Series Trust and Scharf Investments
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The Securities and Exchange Commission published a notice on March 19, 2026, regarding an application filed by Advisors Series Trust and Scharf Investments, LLC. The applicants are seeking an exemption under section 6(c) of the Investment Company Act of 1940 from the requirements of section 15(a) that would otherwise require shareholder approval for entering into or materially amending subadvisory agreements. The relief would also exempt them from various disclosure requirements related to subadviser fees under Rule 20a-1, Form N-1A, Schedule 14A, and Regulation S-X. The application was originally filed on October 3, 2025 and amended on February 27, 2026. Interested parties have until April 13, 2026 to request a hearing.
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Key Changes
- Exemption from section 15(a) shareholder approval requirement for entering into and materially amending subadvisory agreements
- Relief from disclosure requirements in rule 20a-1, Item 19(a)(3) of Form N-1A, and multiple items of Schedule 14A
- Exemption from sections 6-07(2)(a), (b), and (c) of Regulation S-X regarding subadviser fee disclosures
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