SEC Issues No-Action Letter to RiverNorth Regarding Reallocating Advisory Fee Payment

The SEC issued a no-action letter to the firm RiverNorth regarding its reallocation of a fund's advisory fee without first obtaining the approval of all of the shareholders of the fund.

The letter provides that a change in the division of fees between the adviser to a registered investment company and a sub-adviser does not require shareholder approval where the overall level of fees does not change.

See: No-Action Letter.