SEC Notice of Application for Regan Capital Alternative Income Fund to Issue Multiple Share Classes with Distribution Fees and Early Withdrawal Charges
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The Securities and Exchange Commission published a notice on March 26, 2026 regarding an application filed by Regan Capital Alternative Income Fund and Regan Capital, LLC. The applicants are seeking exemptive relief under the Investment Company Act of 1940 to allow certain registered closed-end investment companies to issue multiple classes of shares. Specifically, they request exemptions from sections 18(a)(2), 18(c), and 18(i) to impose asset-based distribution and/or service fees as well as early withdrawal charges. The application also seeks relief from rule 23c-3 and an order under section 17(d) and rule 17d-1. The filing was submitted on February 17, 2026. Interested parties may request a hearing by April 20, 2026.
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Key Changes
- Exemption from sections 18(a)(2), 18(c) and 18(i) of the 1940 Act to issue multiple share classes
- Permission to impose asset-based distribution and/or service fees on different share classes
- Exemption from rule 23c-3 under sections 6(c) and 23(c) of the Act
+ 3 more changes with Pro
Obligations
What this law requires
Regan Capital Alternative Income Fund and Regan Capital, LLC must obtain SEC exemptive relief under section 6(c) of the Investment Company Act of 1940 before issuing multiple classes of shares with distribution and/or service fees
Applicants must obtain exemption from sections 18(a)(2), 18(c), and 18(i) of the Investment Company Act of 1940 to impose asset-based distribution and/or service fees
Applicants must obtain exemption from rule 23c-3 under sections 6(c) and 23(c) of the Investment Company Act of 1940 before implementing the proposed share class structure
Applicants must obtain an order pursuant to section 17(d) of the Investment Company Act of 1940 and rule 17d-1 before implementing transactions related to the multiple share classes
Interested parties requesting a hearing must submit their request by email to Secretarys-Office@sec.gov with proof of service on Applicants by 5:30 p.m. Eastern time on April 20, 2026