Investment Company Cross Trading

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission 17 CFR Parts 270 and 274 [Release No. IC-36358; File No. S7-2026-36] RIN 3235-AN45 ( printed page 65622) AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities and Exchange Commission (the “Commission”) is proposing to amend the rule under the Investment Company Act of 1940 (the “Investment Company Act”) that permits securities transactions between a registered investment company and certain affiliates (referred to as “cross trades”), subject to conditions. The proposed amendments are designed to expand the scope of securities that are eligible for cross trading, modernize the rule's conditions, and enhance investor protection. The Commission also proposes to require aggregated reporting of trading activity and cross trades in Form N-PORT and Form N-MFP. DATES: This proposal was published in the Federal Register on October 15, 2026. Comments should be received on or before December 14, 2026. ADDRESSES: Comments may be submitted by any of the following methods: Electronic Comments Use the Commission's internet comment form ( https://www.sec.gov/​comments/​s7-2026-36/​investment-company-cross-trading ); or Send an email to rule-comments@sec.gov . Please include File Number S7-2026-36 on the subject line. Paper Comments Send paper comments to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. A…