Notice of Exemption Application by RBB Fund Trust and Opal Capital LLC
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The notice outlines an application for exemption from certain regulations under the Investment Company Act of 1940. It enables the applicants, RBB Fund Trust and Opal Capital LLC, to modify subadvisory agreements without needing shareholder approval and decreases the required fee disclosures for subadvisers. This change allows more flexibility in managing investment subadvisers.
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Key Changes
- Allows changes to subadvisory agreements without shareholder approval
- Reduces disclosure requirements related to subadvisory fees
Obligations
What this law requires
RBB Fund Trust and Opal Capital LLC may modify subadvisory agreements with subadvisers without obtaining shareholder approval.
RBB Fund Trust and Opal Capital LLC are exempt from certain fee disclosure requirements related to subadvisers as specified in rule 20a-1 and Form N-1A.
Interested persons must submit hearing requests to the SEC by 5:30 p.m. Eastern time on May 11, 2026, if they wish to contest the application.
Hearing requests must include proof of service to both the SEC and Applicants, in the form of an affidavit or certificate of service.