SEC Notice of Application for ETF Subadviser Exemption from Shareholder Approval and Disclosure Requirements
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The Securities and Exchange Commission published a notice on March 20, 2026 regarding an application filed by The 2023 ETF Series Trust, Pictet Asset Management SA, and Pictet Asset Management Ltd. The applicants are seeking an exemption under section 6(c) of the Investment Company Act of 1940 from section 15(a) of the Act. This would allow them to enter into and materially amend subadvisory agreements with certain subadvisers without obtaining shareholder approval. The relief also covers certain disclosure requirements related to fees paid to subadvisers under various SEC rules and forms. The application was originally filed on October 23, 2025 and amended on March 4, 2026. Interested parties may request a hearing by April 14, 2026.
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Key Changes
- Exemption from section 15(a) of the Investment Company Act of 1940 allowing entry into and material amendments of subadvisory agreements without shareholder approval
- Relief from disclosure requirements in rule 20a-1, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, and sections 6-07(2)(a), (b), and (c) of Regulation S-X regarding subadviser fees
- Application originally filed on October 23, 2025 and amended on March 4, 2026
+ 2 more changes with Pro
Obligations
What this law requires
The 2023 ETF Series Trust, Pictet Asset Management SA, and Pictet Asset Management Ltd. may enter into and materially amend subadvisory agreements with certain subadvisers without obtaining shareholder approval, subject to SEC exemption approval under section 6(c) of the Investment Company Act of 1940.
Applicants are relieved from disclosure requirements in rule 20a-1, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, and sections 6-07(2)(a), (b), and (c) of Regulation S-X, as they relate to fees paid to subadvisers.
Interested persons may request a hearing on the exemption application by submitting a written request to the SEC's Secretary at Secretarys-Office@sec.gov by 5:30 p.m. Eastern time on April 14, 2026.
Hearing requests must include the file number (812-15921), state the nature of the requester's interest, facts bearing on desirability of a hearing, reason for the request, and issues contested, along with proof of service on the Applicants.
Proof of service on Applicants must accompany hearing requests in the form of an affidavit or, for lawyers, a certificate of service, and must be served by email or personally/by mail.