Notice2025-11402
Advisors Series Trust and Distribution Cognizant, LLC
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 23, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 118 (Monday, June 23, 2025)</title>
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[Federal Register Volume 90, Number 118 (Monday, June 23, 2025)]
[Notices]
[Page 26674]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-11402]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 35642; 812-15789]
Advisors Series Trust and Distribution Cognizant, LLC
June 17, 2025.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').
ACTION: Notice.
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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: Advisors Series Trust and Distribution Cognizant, LLC.
Filing Dates: The application was filed on May 9, 2025, and amended on
May 20, 2025.
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 <a href="/cdn-cgi/l/email-protection#5605333524332237242f257b1930303f35331625333578313920"><span class="__cf_email__" data-cfemail="99cafcfaebfcedf8ebe0eab4d6fffff0fafcd9eafcfab7fef6ef">[email protected]</span></a> 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. Hearing
requests should be received by the Commission by 5:30 p.m. on July 14,
2025, 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: <a href="/cdn-cgi/l/email-protection#693a0c0a1b0c1d081b101a44260f0f000a0c291a0c0a470e061f"><span class="__cf_email__" data-cfemail="ca99afa9b8afbeabb8b3b9e785acaca3a9af8ab9afa9e4ada5bc">[email protected]</span></a>. Applicants:
Jeffrey T. Rauman, President, Advisors Series Trust,
<a href="/cdn-cgi/l/email-protection#81ebe4e7e7aff3e0f4ece0efc1f4f2e3e0efeaafe2eeec"><span class="__cf_email__" data-cfemail="bdd7d8dbdb93cfdcc8d0dcd3fdc8cedfdcd3d693ded2d0">[email protected]</span></a>, 615 East Michigan Street, Milwaukee, Wisconsin
53202; Patrick Neal, Distribution Cognizant, LLC,
<a href="/cdn-cgi/l/email-protection#6e1e0f1a2e0a071d1a1c070c1b1a0701000d01090007140f001a400d0103"><span class="__cf_email__" data-cfemail="2252435662464b5156504b4057564b4d4c414d454c4b58434c560c414d4f">[email protected]</span></a>, 755 Page Mill Road, Suite BT100, Palo
Alto, California 94306; Rachael L. Schwartz, Esq., Sullivan &
Worcester, LLP, <a href="/cdn-cgi/l/email-protection#374544545f405645434d7744425b5b5e4156595b56401954585a"><span class="__cf_email__" data-cfemail="fd8f8e9e958a9c8f8987bd8e889191948b9c93919c8ad39e9290">[email protected]</span></a>, 1251 Avenue of the Americas,
19th Floor, New York, New York 10020, with a copy to: Elaine E.
Richards, Vice President and Secretary, Advisors Series Trust,
<a href="/cdn-cgi/l/email-protection#ff9a939e96919ad18d969c979e8d9b8cbf8a8c9d9e9194d19c9092"><span class="__cf_email__" data-cfemail="ddb8b1bcb4b3b8f3afb4beb5bcafb9ae9da8aebfbcb3b6f3beb2b0">[email protected]</span></a>, 615 East Michigan Street, Milwaukee,
Wisconsin 53202.
FOR FURTHER INFORMATION CONTACT: Trace W. Rakestraw, 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 May 20, 2025, 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 <a href="https://www.sec.gov/edgar/searchedgar/companysearch">https://www.sec.gov/edgar/searchedgar/companysearch</a>. 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.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-11402 Filed 6-20-25; 8:45 am]
BILLING CODE 8011-01-P
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