Board rescinds control-share by-laws for 14 First Trust closed-end funds

FIRST TRUST SPECIALTY FINANCE & FINANCIAL OPPORTUNITIES FUND

Rescinds Article XII control-share provisions effective June 22, 2023; removes voting restrictions on large share acquisitions.
Affects 14 funds including FGB (First Trust Specialty Finance and Financial Opportunities Fund) and others listed in the press release.
Amended and restated by-laws filed; prior control share acquisitions no longer subject to voting limitations.
No financial impact; governance change only.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

FIRST TRUST SPECIALTY FINANCE & FINANCIAL OPPORTUNITIES FUND: Rescinded Article XII control share provisions and made other conforming amendments to the Amended and Restated By-Laws (effective 2023-06-22).

Change: bylaw amendment
Effective: 2023-06-22

Exact text from the filing

On June 22, 2023, the Board of Trustees of First Trust Specialty Finance and Financial Opportunities Fund amended and restated its existing Amended and Restated By-Laws (and as so amended and restated, the “By-Laws”), effective immediately. The By-Laws were revised to rescind Article XII and its accompanying control share provisions, along with other conforming amendments.

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Source: SEC EDGAR

accession 0001445546-23-004069

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