Data / Federal rules / 2026-20360
Interval Fund Modernization; Expansion of Multiple Share Class to Registered Closed-End Management Investment Companies and Business Development Companies
The Securities and Exchange Commission published this proposed rule in the Federal Register on October 5, 2026. Comments are due by December 4, 2026.
SpecStream is the live web data engine for teams and agents. It reads every rule and proposed rule in the Federal Register each morning, and this page is that reading. Name your industry once and new rules, comment deadlines and effective dates arrive in your sheet, CRM, Slack or agent as they are published.
What the agency says
The Securities and Exchange Commission (the "Commission") is proposing to amend the rule under the Investment Company Act of 1940 that allows registered closed-end management investment companies and business development companies (collectively, "regulated closed-end funds") to make repurchase offers to shareholders at net asset value ("NAV") at periodic intervals pursuant to a fundamental policy ("interval funds"). The proposed amendments would increase flexibility in the rule's repurchase offer framework and modify the rule's liquidity management requirements. The proposal is designed to modernize the framework applicable to these funds by allowing them to better match the liquidity profile of the assets in which they invest, while continuing to provide the operational infrastructure and investor protection of the Investment Company Act of 1940. We also propose amending certain rules that would permit regulated closed-end funds to issue multiple share classes, consistent with routine exemptive relief provided to these funds, and to require certain related disclosure in funds' prospectuses. We further propose to require disclosures in all regulated closed-end fund shareholder reports, a legend in their prospectuses, and an increase in the dollar amount used for the prospectus expense example, to provide investors with information about fund expenses similar to that provided by registered open-end funds. As a result of these amendments for interval funds and multiple share class regulated closed-end funds, we propose to rescind existing related exemptive orders.
Key facts
- Document number
- 2026-20360
- Type
- Proposed rule
- Action
- Proposed rule
- Agency
- Securities and Exchange Commission
- Published
- October 5, 2026
- Comments due
- December 4, 2026
- Dates
- This r was published in the Federal Register on October 5, 2026. Comments should be received on or before December 4, 2026.
- Docket
- Release No. 33-11444; 34-106534; IC-36351; File No. S7-2026-34
- Regulation ID (RIN)
- 3235-AN83
- Code of Federal Regulations
- 17 CFR 239; 17 CFR 249; 17 CFR 270; 17 CFR 274
- Topics
- Investment companies; Reporting and recordkeeping requirements; Securities
- Pages
- 83
Other documents from the Securities and Exchange Commission
| Document | Type | Published |
|---|---|---|
| List of Rules To Be Reviewed Pursuant to the Regulatory Flexibility Act 2026-21657 | Proposed rule | Oct 23 |
| Interval Fund Modernization; Expansion of Multiple Share Class to Registered Closed-End Management Investment Companies and Business Development Companies C1-2026-20360 | Proposed rule | Oct 20 |
| Investment Company Cross Trading 2026-21037 · significant | Proposed rule | Oct 15 |
| Investment Adviser Performance-Based Compensation Modernization 2026-20474 | Proposed rule | Oct 6 |
| Adviser and Regulated Fund Custody Rules; Crypto Custody Rules 2026-20466 · significant | Proposed rule | Oct 6 |
| Adoption of Updated EDGAR Filer Manual 2026-20461 | Final rule | Oct 6 |
| Commission Quorum Requirement 2026-20262 | Final rule | Oct 2 |
| Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4 2026-19260 · significant | Proposed rule | Sep 21 |
Everything from the Securities and Exchange Commission · Rules on investment companies · Rules on reporting and recordkeeping requirements · Rules on securities · Published in October 2026
Read from the Federal Register API, last updated 2026-10-24. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.