SEC Commissioner Uyeda Comments on Closed-End Fund Rule Changes
Commissioner Mark T. Uyeda issues statement on proposed SEC rule amendments covering adviser pay, interval funds, and closed-end fund share classes.
Securities and Exchange Commission Commissioner Mark T. Uyeda released a formal statement addressing a package of proposed regulatory amendments targeting adviser performance-based compensation structures, interval fund modernization, and multiple share class rules applicable to closed-end funds and business development companies (BDCs).
The proposals collectively represent a significant regulatory undertaking, touching on how investment advisers are compensated for performance, how interval funds — a hybrid vehicle offering periodic liquidity — are governed under modernized standards, and how closed-end funds and BDCs may structure and offer multiple classes of shares to investors.
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Interval funds have drawn increased attention from regulators and the investment community in recent years as retail investors have sought exposure to alternative assets through structures that offer limited, scheduled redemption windows rather than daily liquidity. Any modernization of the rules governing these vehicles could affect how fund sponsors design products and how investors access them.
The multiple share class provisions for closed-end funds and BDCs carry implications for how managers distribute products across different investor segments, potentially expanding access while also raising questions about fee transparency and conflicts of interest — themes that align with broader SEC priorities under its ongoing regulatory agenda.
The full scope of Commissioner Uyeda's position and the details of each proposed amendment were contained in his official statement. Continue reading at Speeches and Statements.
