The purpose of Open15c is to build on what makes mutual funds so successful--small investor funded capitalism, transparency and fair competition. Our goal is to simplify contract renewal and strengthen the partnership between funds and their shareholders.
Although the data on this site isn't always current or manually verified, funds are welcome to use information from Open15 in their annual 15(c) contract renewal reports.
Maxdatabook, the creator of this site, can provide accurate and timely data in greater detail, with advanced tables and graphics, starting at $500 per fund. We are happy to work with any consultant, law firm or service provider chosen by the board to oversee the contract renewal process.
15 U.S. Code § 80a–15.Contracts of advisers and underwriters(c)Approval of contract to undertake service as investment adviser or principal underwriter by majority of noninterested directors In addition to the requirements of subsections (a) and (b) of this section, it shall be unlawful for any registered investment company having a board of directors to enter into, renew, or perform any contract or agreement, written or oral, whereby a person undertakes regularly to serve or act as investment adviser of or principal underwriter for such company, unless the terms of such contract or agreement and any renewal thereof have been approved by the vote of a majority of directors, who are not parties to such contract or agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. It shall be the duty of the directors of a registered investment company to request and evaluate, and the duty of an investment adviser to such company to furnish, such information as may reasonably be necessary to evaluate the terms of any contract whereby a person undertakes regularly to serve or act as investment adviser of such company. It shall be unlawful for the directors of a registered investment company, in connection with their evaluation of the terms of any contract whereby a person undertakes regularly to serve or act as investment adviser of such company, to take into account the purchase price or other consideration any person may have paid in connection with a transaction of the type referred to in paragraph (1), (3), or (4) of subsection (f).
For more information please contact Max Rottersman at firstname.lastname@example.org
Data collected from the SEC, provided by MaxDataBook.com. Open15C is not intended to constitute investment advice or to judge the suitability of any fund's expense ratios. Open15C allows shareholders to view a simplified version of peer-group methodology, used by boards in assessing fees. Unlike board-work data, the data on Open15C.com is not checked for errors.