Derivatives Exchange Traded Funds

News & Analysis as of

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement Cybersecurity Is At the Top of SEC Examination Concerns In a recent SEC “risk alert” for registered broker-dealers and investment advisers, the SEC’s Office of Compliance Inspections and Examinations (OCIE)...more

Orrick's Financial Industry Week in Review

SEC Updates Compliance and Disclosure Interpretations for Legacy Deals - On September 16, the SEC released its updated compliance and disclosure interpretations for the rules adopted under Regulation AB, the Securities...more

SEC Expected to Propose Liquidity Risk Management Programs for Funds

The Securities and Exchange Commission announced that it will consider proposals for liquidity risk management programs and related disclosures for open-end management investment companies. The Commission will consider the...more

SEC Proposes Heightened Data and Reporting Rules for Funds and Advisers, Ponders New Rules on Derivatives and Leverage

At an open meeting of the Securities and Exchange Commission today, Chair Mary Jo White announced to enhance SEC reporting by investment companies and investment advisers. Data collection. The SEC proposed rules that...more

CFTC’s Final 'Harmonization' Rules: Shifting Sands in the ETF Competitive Landscape

Background - The Commodity Futures Trading Commission (CFTC) caused quite a stir in 2012 when it changed its rules to require investment advisers to mutual funds that invest to any significant degree in derivatives, to...more

SEC Lifts Moratorium on Actively Managed Exchange-Traded Funds' Use of Derivatives

On December 6, 2012, the U.S. Securities and Exchange Commission (the "SEC") announced that it will no longer defer consideration of exemptive requests relating to actively managed exchange-traded funds ("ETFs") seeking to...more

SEC Division of Investment Management Lifts Actively-Managed ETF Derivatives Use Moratorium and Announces Two Rulemaking...

In a speech on December 6 before the ALI CLE 2012 Conference on Investment Adviser Regulation: Legal Compliance Forum on Institutional Advisory Services, Norm Champ, the new Director of the Division of Investment Management...more

SEC Lifts Moratorium on Non-Leveraged, Actively Managed ETFs that Use Derivatives

On December 6, 2012, Norm Champ, Director of the Division of Investment Management of the Securities and Exchange Commission ("SEC"), announced an end to the moratorium on issuing exemptive orders to non-leveraged, actively...more

SEC Lifts Moratorium on Actively Managed ETFs’ Use of Derivatives; Moratorium Continues for Leveraged ETFs

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

SEC to Consider Exemptive Requests for Certain Actively Managed ETFs

Division of Investment Management to lift the moratorium on exemptive requests for actively managed ETFs investing in derivatives; new chapter signaled in the development of ETF industry. On December 6, Norm Champ, the...more

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