Man ETF Series Trust and Man Solutions LLC Section 6(c) Investment Company Act Exemption Application
Summary
The SEC published a notice of an application filed by Man ETF Series Trust and Man Solutions LLC under section 6(c) of the Investment Company Act of 1940. The applicants seek an exemption from section 15(a) of the Act and from certain fee disclosure requirements to permit subadvisory agreements without shareholder approval. If no hearing is ordered, an order granting the requested relief will be issued.
“The requested exemption would permit Applicants to enter into and materially amend subadvisory agreements with subadvisers without shareholder approval and would grant relief from the Disclosure Requirements as they relate to fees paid to the subadvisers.”
What changed
The SEC published notice on April 17, 2026 of an application filed by Man ETF Series Trust and Man Solutions LLC on March 4, 2026, under section 6(c) of the Investment Company Act of 1940 for exemption from section 15(a) and certain disclosure requirements in rule 20a-1, Form N-1A, Schedule 14A, and Regulation S-X. The requested relief would permit the applicants to enter into and materially amend subadvisory agreements without shareholder approval and would grant relief from fee disclosure requirements related to subadviser compensation.
ETF sponsors, registered investment companies, and fund boards should monitor this application as the requested exemption, if granted, could establish precedent for similar relief under the Investment Company Act regarding subadvisory agreement approvals and disclosure requirements. The SEC will issue an order granting relief unless a hearing is requested by May 12, 2026.
What to do next
- Hearing requests should be received by the Commission by 5:30 p.m., Eastern time, on May 12, 2026
Archived snapshot
Apr 21, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Content
April 17, 2026.
ACTION:
Notice.
Notice of an application under section 6(c) of the Investment Company Act of 1940 (“Act”) for an exemption from section 15(a)
of the Act, as well as from certain disclosure requirements in rule 20a-1 under the Act, Item 19(a)(3) of Form N-1A, Items
22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A under the Securities Exchange Act of 1934, and sections
6-07(2)(a), (b), and (c) of Regulation S-X (“Disclosure Requirements”).
Summary of Application:
The requested exemption would permit Applicants to enter into and materially amend subadvisory agreements with subadvisers
without shareholder approval and would grant relief from the Disclosure Requirements as they relate to fees paid to the subadvisers.
Applicants:
Man ETF Series Trust and Man Solutions LLC
Filing Dates:
The application was filed on March 4, 2026.
Hearing or Notification of Hearing:
An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request
a hearing on any application by emailing the SEC's Secretary at Secretarys-Office@sec.gov and serving the Applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below,
or personally or by mail, if a physical address is listed for the relevant Applicant below. The email should include the file
number referenced above. Hearing requests should be received by the Commission by 5:30 p.m., Eastern time, on May 12, 2026,
and should be accompanied by proof of service on the Applicants, in the form of an affidavit, or, for lawyers, a certificate
of service. Pursuant to rule 0-5 under the Act, hearing requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who
wish to be notified of a hearing may request notification by emailing the Commission's Secretary.
ADDRESSES:
The Commission: Secretarys-Office@sec.gov. Applicants: Lisa Muñoz, Man ETF Series Trust, 1345 Avenue of the Americas, 21st Floor, New York, NY 10105, with a copy to:
Clair E. Pagnano, Esq., K&L Gates LLP, One Congress Street, Boston, MA 02114.
FOR FURTHER INFORMATION CONTACT:
Rachel Loko, Senior Special Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION:
For Applicants' representations, legal analysis, and conditions, please refer to Applicants' application, dated March 4, 2026,
which may be obtained via the Commission's website by searching for the file number at the top of this document, or for an
Applicant using the Company name search field on the SEC's EDGAR system. The SEC's EDGAR system may be searched at https://www.sec.gov/search-filings. You may also call the SEC's Office of Investor Education and Advocacy at (202) 551-8090.
For the Commission, by the Division of Investment Management, under delegated authority.
Vanessa A. Countryman, Secretary. [FR Doc. 2026-07751 Filed 4-20-26; 8:45 am] BILLING CODE 8011-01-P
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