Statement Summary
The Securities and Exchange Commission (SEC) has issued a notice regarding an application from CAIS Sports, Media and Entertainment Fund and CAIS Advisors LLC. They are seeking exemptions from certain sections of the Investment Company Act of 1940 to allow registered closed-end investment companies to issue multiple classes of shares, along with implementing early withdrawal charges and asset-based distribution fees. The application, filed on March 28, 2025, is set to be granted unless a hearing is requested by interested parties by June 6, 2025. The notice includes details on how to request a hearing and provides contact information for further inquiries.
Original Statement
SECURITIES AND EXCHANGE COMMISSION
Investment Company Act Release No. 35580; 812-15736
CAIS Sports, Media and Entertainment Fund and CAIS Advisors LLC
May 12, 2025.
AGENCY: Securities and Exchange Commission (“Commission” or “SEC”).
ACTION: Notice.
Notice of an application under section 6(c) of the Investment Company Act of 1940 (the “Act”) for an exemption from sections 18(a)(2), 18(c) and 18(i) of the Act, under sections 6(c) and 23(c) of the Act for an exemption from rule 23c-3 under the Act, and for an order pursuant to section 17(d) of the Act and rule 17d-1 under the Act.
Summary of Application: Applicants request an order to permit certain registered closed-end investment companies to issue multiple classes of shares and to impose early withdrawal charges and asset-based distribution and/or service fees.
Applicants: CAIS Sports, Media and Entertainment Fund and CAIS Advisors LLC
Filing Dates: The application was filed on March 28, 2025, and an amendment on April 4, 2025.
Hearing or Notification of Hearing
An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing on any application by e-mailing the SEC’s Secretary at Secretarys-Office and serving the Applicants with a copy of the request by e-mail, if an e-mail address is listed for the relevant Applicant below, or personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing requests should be received by the Commission by 5:30 p.m. on June 6, 2025, and should be accompanied by proof of service on the Applicants, in the form of an affidavit, or, for lawyers, a certificate of service. Pursuant to rule 0-5 under the Act, hearing requests should state the nature of the writer’s interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by emailing the Commission’s Secretary.
ADDRESSES: The Commission: Secretarys-Office
Applicants: Clifford R. Cone, Esq., Clifford Chance US LLP, Two Manhattan West, 375 9th Avenue, New York, NY 10001, with copies to Michael Richman, Esq., CAIS Advisors LLC, 527 Madison Avenue, 12th Floor, New York, NY 10022.
For Further Information
Contact Rachel Loko, Senior Special Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel’s Office).
Supplementary Information
For Applicants’ representations, legal analysis, and conditions, please refer to Applicants’ amended application, dated April 4, 2025, which may be obtained via the Commission’s website by searching for the file number at the top of this document, or for an Applicant using the Company name search field on the SEC’s EDGAR system. The SEC’s EDGAR system may be searched at.
You may also call the SEC’s Office of Investor Education and Advocacy at (202) 551-8090.
For the Commission, by the Division of Investment Management, under delegated authority.
Sherry R. Haywood, Assistant Secretary.
