01

What matters

The SEC’s notice describes Valued Advisers Trust and Long Short Advisors, LLC’s request to enter into and materially amend subadvisory agreements without shareholder approval, alongside relief concerning subadviser-fee disclosures. It is a notice of an application, not a final exemption order. The SEC identifies November 20, 2026, as the hearing-request deadline.

02

Verified facts

  • The SEC issued notice of an application by Valued Advisers Trust and Long Short Advisors, LLC, seeking exemptions under the Investment Company Act of 1940 and related disclosure requirements.
  • The SEC notice is dated October 26, 2026.
  • According to the SEC’s summary, the requested exemption would permit the applicants to enter into and materially amend subadvisory agreements with subadvisers without shareholder approval.
  • The SEC says the requested relief also covers disclosure requirements relating to fees paid to subadvisers.
  • The SEC reports that the application was filed on March 30, 2026, and amended on June 26 and September 25, 2026.
  • The notice says an order granting the requested relief will be issued unless the Commission orders a hearing.
  • According to the notice, hearing requests should be received by the Commission by 5:30 p.m. Eastern time on November 20, 2026.
  • The notice says hearing requests should be accompanied by proof of service on the applicants.

03

Analysis

The notice describes two components of the requested relief: shareholder approval for subadvisory agreements and disclosure of subadviser fees. Its scope concerns the named applicants. The hearing-request deadline is procedural; it is not a stated effective date for the requested exemptions. The hearing contingency remains essential to interpreting the SEC’s statement about a future order.

04 · VERXERA view

Editorial opinion

VERXERA opinion: The evidence supports reading this as notice of a proposed change in permissions, not confirmation that those permissions are already effective. The requested ability to enter into or materially amend subadvisory agreements without shareholder approval and the requested relief on subadviser-fee disclosures belong together: they define the application’s scope. Connecting that scope with the SEC’s hearing contingency explains why November 20, 2026, at 5:30 p.m. Eastern time matters as a procedural deadline rather than an implementation date. The strongest limitation is that this single notice does not establish a final disposition or measured effects. Deeper source review is worthwhile for readers assessing the requested permissions and hearing process, rather than seeking evidence of completed changes.

This is VERXERA’s editorial interpretation, separated from the facts and analysis above. The reader keeps the final judgment.

05

Counterevidence and limits

No contrary evidence was supplied. The material qualification is the SEC’s express hearing contingency, which prevents treating this notice as an unconditional grant.

06

Known uncertainties

Only one independent source group was supplied, so independent corroboration is unavailable. The supplied notice does not establish whether a hearing was subsequently ordered or the requested relief ultimately granted.