Interval Fund Modernization & Closed-End Multiple Share Classes (SEC)

Current understanding

To be populated as evidence accumulates.

2026-10-20 — Interval Fund Modernization; Expansion of Multiple Share Class to Registered Closed-End Management Investment Companies and Business Development Companies: SEC proposed rule would modernize interval-fund repurchase/liquidity requirements and generally permit registered closed-end funds and BDCs to issue multiple share classes with differentiated fees, aligning disclosures with open-end fund standards and codifying relief previously granted via exemptive orders. (novelty: 3)
2026-10-05 — Interval Fund Modernization; Expansion of Multiple Share Class to Registered Closed-End Management Investment Companies and Business Development Companies: SEC proposed rule would modernize interval-fund repurchase/liquidity requirements, generally permit multiple share classes for registered closed-end funds and BDCs, align fee and expense disclosures with open-end fund standards, and codify relief that currently requires case-by-case exemptive orders. (novelty: 3)