Exchange Traded Funds Securities & Exchange Commission

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Investment Management Legal + Regulatory Update - August 2016

Regulation - Next on the SEC’s Regulatory Agenda: A Chief Valuation Officer? - First, the SEC required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity...more

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

Brexit and Structured Products: A Framework for Considering Disclosures - The U.K.’s recent referendum to withdraw from the European Union has affected virtually all segments of the financial industry. The structured...more

It's Time To Loosen The Limitations On BDC Investors

Business development companies, which provide a growing and important alternative source of capital to smaller companies, face challenges raising money due to a quirk in the federal securities laws that limits how much mutual...more

SEC Approves Generic Listing Standards for Active ETFs

New standards are expected to simplify and expedite the process of launching an actively managed ETF. On July 22, the US Securities and Exchange Commission (SEC) issued orders approving proposals by Bats BZX Exchange,...more

Section 12(d)(1) and Business Development Companies

Business development companies (BDCs), which provide a growing and important alternative source of capital to smaller companies, face challenges raising money due to a quirk in the federal securities laws that limits how much...more

SEC Streamlines Exchange Listings for Actively Managed ETFs

On July 22, 2016, the SEC approved proposed listing rule amendments by NYSE Arca, Inc. (available here) and Bats BZX Exchange, Inc. (available here) to provide “generic” listing standards for actively managed ETFs. These...more

SEC Eases Regulatory Burden for Listing Actively Managed ETFs

The Securities and Exchange Commission took a step toward streamlining the approval process for actively managed ETFs last week by approving rule proposals from two securities exchanges....more

Your daily dose of financial news - The Brief – 6.30.16

US banks made a strong showing in part 2 of the latest round of the Fed’s stress tests. Only Morgan Stanley didn’t pass unconditionally (concerns over the company’s “internal controls and processes” tripped it up), while the...more

Your daily dose of financial news - The Brief – 6.14.16

The big story of week so far came just a few minutes after the Brief went to [digital] print yesterday, so apologies for the second hand news: Microsoft has agreed to acquire LinkedIn for a staggering $26.2 billion in a move...more

Your daily dose of financial news The Brief – 6.6.16

Some thoughts about why the relatively dismal May employment numbers (just 38k jobs added) isn’t really as bad as it would seem on first glance...more

Recent Investment Management Developments - May 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

Fair Access to Investment Research Act of 2016 Passes Muster in U.S. House of Representatives

On April 28, 2016, the U.S. House of Representative passed the Fair Access to Investment Research Act of 2016 (H.R. 5019) by a vote of 411 to 6. This bill directs the SEC to amend its regulations under the Securities Act of...more

SEC Proposes New Limits on Funds’ Use of Derivatives

The SEC recently proposed a new rule (Rule 18f-4) to govern the use of derivatives by mutual funds, ETFs, and closed-end funds (including BDCs). The proposed rule would subject funds that use derivatives to new leverage...more

Your daily dose of financial news The Brief – 3.8.16

Health-care focused hedge fund Visium Asset Management disclosed to investors yesterday that it’s the subject of an ongoing SEC and DOJ investigation—reportedly over Visium’s “valuation of certain securities” in a fund it...more

"Potential Regulatory and Litigation Risks Relating to Recent Fixed-Income Market Concerns"

Recent events relating to the fixed-income markets — including volatility in the high-yield markets and the high-profile closings of a number of funds invested in high-yield and distressed assets — have raised concerns among...more

SEC Announces 2016 Examination Priorities

On January 11, the SEC announced its Office of Compliance Inspections and Examinations’ (OCIE) 2016 priorities. New areas of focus include liquidity controls, public pension advisers, product promotion, and two popular...more

SEC Proposes Rule Related to Use of Derivatives and Financial Commitment Transactions by Regulated Funds

In December 2015, the Securities and Exchange Commission (the SEC) proposed a new Rule 18f-4 under the Investment Company Act of 1940 (the 1940 Act) that would, if adopted, affect the ability of mutual funds, exchange-traded...more

New Year, New Priorities for the SEC’s Office of Compliance Inspections and Examinations

On January 11, 2016, the SEC announced its Office of Compliance Inspections and Examinations (OCIE) priorities for the year . The announcement included several new areas of focus, including liquidity controls, public...more

OCIE Publishes Exam Priorities for 2016

The National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (OCIE) published its examination priorities for 2016 this week. Much like last year’s letter, this year’s letter is organized around...more

SEC Provides Guidance on 2016 Examination Areas of Focus

On Monday, January 11, 2016, the Securities and Exchange Commission (SEC) announced its Office of Compliance Inspections and Examinations’ (OCIE) areas of focus for 2016, which include: - protecting retail investors and...more

SEC Proposes Liquidity Risk Programs for Funds

The SEC proposed rule reforms on September 22 designed to improve liquidity risk management by open end funds. Liquidity Risk Management Programs - Under the proposed reforms, mutual funds (excluding money market...more

SEC Proposes Significant New Restrictions on the Use of Derivatives and Other Transactions by Registered Funds and BDCs

The Securities and Exchange Commission (Commission) on December 11, 2015 proposed new Rule 18f-4 (Proposed Rule) under the Investment Company Act of 1940 (1940 Act) and amendments to certain proposed forms. The proposal...more

Financial Services Quarterly Report - Fourth Quarter 2015: And a Partridge in a Pear Tree: Top 12 Regulatory Heads-up for the...

1st Day of Christmas – UCITS V* - The UCITS V Directive (UCITS V) introduces specific provisions on: - (i) eligibility, liability and delegation of depositaries; - (ii) remuneration policies;...more

Bridging the Week - December 2015 #2

SEC Considers New Rule to Restrict Use of Derivatives by Investment Companies: The Securities and Exchange Commission proposed a new rule aimed at limiting the leverage registered investment companies could obtain...more

Victim of Fraud Sued for Fraud

On November 16, 2015, the Securities and Exchange Commission (SEC) sued an investment adviser, Virtus Investment Advisers, Inc., who had hired another adviser, F Squared Investments, Inc., to sub-advise certain mutual funds...more

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