News & Analysis as of

SEC Approves Amendments to FINRA’s Corporate Financing Rule

Broader Availability of Termination Fees and Rights of First Refusal - Elimination of Filing for Certain ETFs: In May 2014, the SEC approved FINRA’s proposed amendments to Rule 5110, commonly called the...more

SEC Sanctions Adviser, Affiliated Broker-Dealer and Their Owner Over Class A Share Purchases and Commissions Paid on ETF Trades

The SEC settled claims against a registered investment adviser (the “Adviser”), its affiliated broker-dealer (the “Broker-Dealer”), and the founder, owner, and president of each (the “CEO”) that related to (1) investments in...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 Issues New Relief for Self-Indexing ETFs

Newly issued exemptive orders loosen requirements for ETFs based on affiliated indexes. ...more

SEC Warns About Exemptive Order Compliance

Division of Investment Management's guidance reminds firms to comply with conditions and representations in exemptive orders and notes that consequences for noncompliance may be "severe."...more

Investment Management Legal + Regulatory Update -- May 2013

In This Issue: Regulatory Updates - SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more

Exemptive Relief filed for New “Exchange-Traded Managed Fund”

On March 27, 2013, Eaton Vance applied to the SEC for exemptive relief for a new type of exchange-traded fund, which it calls an exchange-traded managed fund (“ETMF”). Exchange-traded funds (“ETFs”), particularly actively...more

A Compilation of Enforcement and Non-Enforcement Actions - February 28, 2013

In This Issue: Non-Enforcement Matters - Registered Investment Advisers’ Annual Review of Compliance Policies and Procedures - Mutual Fund Boards and Oversight of Fair Valuation - Mutual Funds and...more

Head of SEC Investment Management Division Announces Top Regulatory Priorities

At the Practicing Law Institute’s conference, “The SEC Speaks in 2013,” held on February 22 in Washington, DC, Norm Champ, Director of the Division of Investment Management at the Securities and Exchange Commission (SEC),...more

Hedge Funds And Private Equity Groups On SEC Examination Priority List

The Office of Compliance Inspections and Examinations, or OCIE, administers the SEC’s nationwide examination and inspection program. The National Examination Program, or NEP, has published its examination priorities to...more

Structured Thoughts -- Volume 4, Issue 1 -- January 16, 2013

In This Issue: Additional SEC Guidance on Estimated Value Disclosures; FINRA to Continue Its Focus on Structured Products; FINRA’s Ketchum Discusses Structured Products; FINRA Issues Q&A Guidance on New Communications...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

Corporate and Financial Weekly Digest - December 14, 2012

In this issue: - CFTC Issues No-Action Letters - SEC Division of Investment Management Lifts Actively-Managed ETF Derivatives Use Moratorium and Announces Two Rulemaking Initiatives - Antitrust “Tying” Claims...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

Update on Lifting of SEC Moratorium on Active ETF Use of Derivatives

The staff of the U.S. Securities and Exchange Commission (the “SEC”) released no action relief (the “Letter”) addressed to recipients of 18 prior orders (the “Prior Orders”) granting exemptive relief to launch...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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