World Funds Trust seeks SEC exemption on subadvisory fee disclosure
World Funds Trust and LDR Capital Management are seeking SEC relief from certain disclosure requirements tied to subadvisory agreements. The application would allow the applicants to withhold specific fee details paid to certain subadvisors without obtaining shareholder approval.
Highlights
- World Funds Trust and LDR Capital Management filed with the SEC on July 9, 2025, for exemption from subadvisory fee disclosure under section 6(c) of the Investment Company Act.
- The most recent amendment to the application was filed on April 9, 2026, with a hearing request deadline set for June 29, 2026.
- If granted, the exemption would allow reduced disclosure of subadvisory fee details, impacting transparency and oversight in fund governance.
Application details and hearing timeline
As reported by the Securities and Exchange Commission, World Funds Trust and LDR Capital Management, LLC have filed an application under section 6(c) of the Investment Company Act of 1940 for an exemption from certain disclosure requirements related to subadvisory agreements.The requested relief applies to agreements with certain subadvisors and would exempt the applicants from disclosing fees paid to those subadvisors. The filing was originally submitted on July 9, 2025, and has been amended several times, most recently on April 9, 2026.
Interested parties can request a hearing on the application by contacting the SEC's Secretary before June 29, 2026.
Implications for fund disclosure practices
The request points to a governance and disclosure issue within the investment fund sector, where advisers may seek greater flexibility in managing subadvisory arrangements. If granted, the exemption would reduce the level of fee detail that must be disclosed for certain subadvisory relationships.For the asset management industry, the application highlights the continued use of exemptive relief to adjust how mutual funds and advisers handle oversight, shareholder approval and transparency requirements under U.S. securities law.
Our earlier coverage focused on a growing dispute over a U.S. Labor Department proposal that would make it easier for 401(k) plans to include alternative assets such as private equity, digital assets, private credit, and high-cost annuities. Lawmakers argued the change could increase fees, complexity, and volatility for retirement savers, raising concerns about transparency and potential conflicts of interest. The debate underscored how regulators and policymakers are weighing investor protection against expanded access to higher-risk products.
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