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ETF Mergers Possible Under Rule 17a-8

Can two affiliated ETFs merge in reliance on Rule 17a-8 under the Investment Company Act despite representations they made to obtain exemptive relief from the Commission? That’s the question addressed in a recent Guidance...more

Court Tosses ETF Securities Lending Fee Case

A federal district court in Tennessee dismissed a case brought by two union pension funds claiming that securities lending fees paid by an ETF to its adviser’s affiliate violated the adviser’s fiduciary duty under Section...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

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