News & Analysis as of

Exchange Traded Funds

Expect Focus - Life Insurance, Volume III - September 2017

by Carlton Fields on

EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Publication...more

Expect Focus - Life Insurance, Volume III - September 2017

by Carlton Fields on

EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Publication...more

Asset Management Regulatory Roundup - October 2017 - Issue 8

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on US-EU equivalence of certain OTC derivative rules; the FCA asset management...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission prevailed at the trial of Howard Present, a co-founder of F-Squared centered on the marketing claims for its AlphaSector product. That product was also the focus of a series of actions involving investment...more

SEC Stays Approval of Quadruple-Leveraged ETF

by Carlton Fields on

On May 25, 2017, the SEC stayed a May 2 order issued by the Division of Trading and Markets, acting for the SEC pursuant to delegated authority, that would have permitted the listing and trading of shares of the first...more

SEC Prevails at Trial of F-Squared Co-Founder

by Dorsey & Whitney LLP on

The Commission prevailed at trial last week, with the jury returning a verdict in its favor just hours after closing argument. SEC v. Present, Civil Action No. 1:14-cv-14692 (D. Mass. Filed Dec. 22, 2014)....more

ESMA to review its Guidelines on ETFs and Other UCITS Issues

by Dechert LLP on

The European Securities and Markets Authority (ESMA) has published its 2018 Work Programme (the Programme), which sets out ESMA's priorities and areas of focus for 2018. Supervisory convergence and the assessment of risks are...more

At the End of the Rainbow: A Custom Basket?

by K&L Gates LLP on

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

Structured Thoughts: News for the financial services community, Volume 8, Issue 7

LIBOR: The End Game - Since the announcement on July 27, 2017 by the UK Financial Conduct Authority (the FCA) that the LIBOR rate would be phased out after 2021, much has been written about the complications of switching...more

California Court Applies “Tracing” Requirement to ETF Shareholders Who Sue under Section 11

A California state court held that shareholders of exchange-traded funds (ETFs) have standing to sue under Section 11 of the Securities Act of 1933 (“1933 Act”) for an alleged prospectus misstatement only if they can trace...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The ‘book is backing off of a 2016-proposed stock reclassification that “would have solidified Mark Zuckerberg’s control over the social network” after a shareholder suit that would have seen Zuck on the stand in a Delaware...more

FINRA Fines Broker-Dealers for Sales of Non-Traditional ETFs

In August 2017, FINRA entered into a consent agreement with a Georgia-based broker-dealer arising from improper practices and procedures relating to its sales of leveraged ETFs. The sales included ETFs that were leveraged,...more

Investment Services Regulatory Update - August 2017

by Vedder Price on

On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...more

ETF Operational and Regulatory Environment Drives ETF Overisght Issues

by K&L Gates LLP on

Exchange-traded funds share many governance oversight characteristics with traditional mutual funds. While some ETFs have been structured as unit investment trusts that lack a board structure, most ETFs are classi¬ ed as...more

Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

Discussion Paper on ETFs Published by the Central Bank - The Central Bank has published this Discussion Paper about Exchange traded Funds (ETFs). It notes that Ireland is the largest European centre for Exchanged Traded...more

Financial Services Quarterly Report - Second Quarter 2017: Increasing Focus on European ETFs

by Dechert LLP on

The rise of passive investment strategies and the growing momentum of investment in exchange-traded funds (ETFs) has not gone unnoticed by European regulators. The Central Bank of Ireland (Central Bank) recently released a...more

ETF Boards Need to Apply Gartenberg Differently

by WilmerHale on

The differences between the respective cost structures of exchange-traded funds and mutual funds and the nature of advisory services provided for each product may require boards to think about the Gartenberg factors...more

Fund Liquidity Risk Management Task Force

by Dechert LLP on

Implementing the U.S. Securities and Exchange Commission’s (SEC) fund liquidity risk management rules presents distinct challenges for open-end mutual funds and exchange-traded funds (ETFs), and compliance with the rules will...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

An EU high court opinion yesterday about a trade deal with Singapore could throw yet another stumbling block in the way of Britain’s exit of the union. Read on for more on the intricacies of the EU division of competencies....more

Corporate and Financial Weekly Digest - Volume XII, Issue 17

SEC/CORPORATE - On May 4, Jay Clayton was sworn into office as the new chairman of the Securities and Exchange Commission. As discussed in the January 6 edition of the Corporate & Financial Weekly Digest, Mr. Clayton was a...more

Blockchain Week in Review – April 2017 #3

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Banking, Finance & Insurance Letter - Mars-Avril 2017

Portées des Q&A des AES - Le 21 mars 2017 la Commission Européen a lancé une consultation intitulée « Operations of the European Supervisory Authorities ». Please see full Publication below for more information. ...more

SEC Guidance Signals Approval for “Unbundled” Pricing for Mutual Funds

by Franczek Radelet P.C. on

A recent ruling by the Securities and Exchange Commission (SEC) indicates approval for mutual funds to be sold without servicing costs already built into the cost of the fund. In other words, the SEC ruling states that...more

Financial Services Weekly News - April 2017 #4

by Goodwin on

Editor's Note - State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Now that NAFTA seems to have an at-least-momentary reprieve, let’s take a breath and take a look at the four major industries that would be affected by any big changes in the deal....more

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