On 29 December 2022, President Biden signed into law the SECURE Act 2.0 (SECURE 2.0) as part of the Consolidated Appropriations Act of 2023. SECURE 2.0 builds on the 2019 passage of the Setting Every Community Up for...more
On 8 March 2022, the Financial Industry Regulatory Authority, Inc. (FINRA) issued Notice to Members No. 22-08 (NtM 22-08) to “remind members of their sales practice obligations” for complex products and options and to...more
4/22/2022
/ Broker-Dealer ,
Closed-End Funds ,
Comment Period ,
Complex Financial Products ,
Cryptocurrency ,
Emerging Markets ,
Exchange-Traded Products ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Products ,
Investors ,
Mutual Funds
On 10 September 2021, Senate Finance Committee Chairman Ron Wyden of Oregon released a discussion draft proposing changes to partnership taxation, and to the taxation of regulated investment companies including mutual funds...more
The SEC recently adopted Rule 12d1-4 (Rule 12d1-4 or Rule) under the Investment Company Act of 1940 (1940 Act) to streamline the regulatory framework applicable to registered funds that invest in other funds (funds of funds)....more
OVERVIEW -
- Industry Background
- ETF Mechanics
- New ETF Rule and Implications
- Periodically Disclosed ETFs
...more
OVERVIEW OF THE ETF RULE -
- On September 25, 2019, the SEC approved Rule 6c-11 under the 1940 Act (the “ETF Rule”) and related amendments to Form N-1A
- The ETF Rule will rescind previously-issued exemptive orders of...more
ORGANIZING A REGISTERED FUND -
Time and Responsibility Schedule -
- Decide form and content early
- Allow appropriate review time
- Reviewers include:
- Internal Personnel
- Portfolio Managers
- Legal/Compliance
-...more
SEC ADOPTS LONG AWAITED ETF RULE TO MODERNIZE ETF REGULATION -
On September 25, 2019, the U.S. Securities and Exchange Commission (the “Commission” or “SEC”) approved Rule 6c-11 under the Investment Company Act of 1940, as...more
On Monday, April 8, 2019, the U.S. Securities and Exchange Commission (“Commission” or “SEC”) signaled the dawn of a new era for traditional active management and exchange-traded fund (“ETF”) regulation by noticing its intent...more
The Securities and Exchange Commission (“SEC”) has traditionally recognized the value of market and issuer research to the investment decision-making process....more
Investor demand for transparent, diversified, low-cost, passive investment products has accelerated over the last decade, and exchange-traded funds (“ETFs”) have been among the primary beneficiaries of this demand. Assets...more
For several years now, the Securities and Exchange Commission (“SEC”) has placed strict limitations on the composition of exchange-traded fund (“ETF”) creation and redemption “baskets.” Creation and redemption baskets are,...more
Introduction -
Earlier this year, the Securities and Exchange Commission (“SEC”) approved new rules proposed by Bats BZX Exchange, Inc. (“Bats”) and NYSE Arca, Inc. (“Arca”) that establish generic listing standards (“Active...more
In 2008, the Securities and Exchange Commission (“SEC” or “Commission”) approved the first actively managed exchange-traded funds (“ETFs”). The exemptive orders for those ETFs—and all active ETF exemptive orders since—have...more
As announced by Norm Champ, the Director of the Division of Investment Management of the Securities and Exchange Commission (“SEC”), in a speech on December 6, 2012, and followed by a no-action letter of the same date, the...more