Exchange Traded Funds Securities & Exchange Commission

News & Analysis as of

SEC Considers Active ETF Listing Standards, Approves Paired Class ETP

Although the proposed listing standards could significantly reduce regulatory barriers, commissioner dissent in exchange-traded product order underscores regulatory concerns about novel products....more

SEC Requests Comment on NYSE Proposed Rule Changes that Would Allow Most Actively Managed ETFs to Forego the 19b-4 Application...

On March 10, 2015, the SEC published a notice in the Federal Register requesting public comment on a proposed rule change from NYSE Arca, Inc. (“NYSE Arca”) that, if approved, would make it easier for actively managed...more

Precidian Re-Files Application for Exemptive Relief to Permit Nontransparent Actively Managed Exchange-Traded Funds

On December 22, 2014, Precidian ETFs Trust (the “Trust”), Precidian Funds LLC (the “Adviser”) and Foreside Fund Services, LLC (the “Distributor” and, together with the Trust and the Adviser, the “Applicants”) filed an...more

Financial Services Weekly News Roundup - December 2014 #3

Amendment to Swaps Push-out Provision of Dodd-Frank: Section 630 of the recently passed Consolidated and Further Continuing Appropriations Act, 2015 (“Omnibus Spending Bill” – see p. 249) amends Section 716 of the Dodd-Frank...more

Investment Management Legal + Regulatory Update -- December 2014

In This Issue: - Regulation ..SEC Chair’s Agenda Provides Glimpse of New Rules to Come ..The Results Are In: Investors Favor Additional Regulatory Protection ..SEC Declines to Approve Non-Transparent...more

SEC Chair’s Agenda Provides Glimpse of New Rules to Come

The SEC offered a peek into what new rule proposals we can expect in the coming months. The sneak preview includes some eye openers, like proposed rules to require funds to adopt liquidity management programs and...more

SEC Focus on Disclosure Issues for Municipal Securities, Private Equity and ETFs

At the recent Columbia Law School Conference, “Hot Topics: Leading Current Issues in Securities Regulation and Enforcement,” SEC Commissioner Kara M. Stein’s keynote address focused on a number of transparency and disclosure...more

Bridging the Week - November 2014 #4

Broker-Dealer and Two Senior Officers Fined US $2.5 Million for Market Access Violations - Wedbush Securities Inc. and two senior officers resolved an enforcement action previously filed against them during June 2014...more

SEC Issues Preliminary Denial Notices for Two Nontransparent Actively Managed ETF Applications

In 2008, the Securities and Exchange Commission (“SEC” or “Commission”) approved the first actively managed exchange-traded funds (“ETFs”). The exemptive orders for those ETFs—and all active ETF exemptive orders since—have...more

SEC: Non-Transparent ETFs Not Ready for Prime Time

The SEC has given a preliminary thumbs-down to non-transparent exchange traded funds (ETFs). In two separate notices issued on October 21, 2014, the Commission stated that applications to allow actively managed ETFs to...more

Financial Services Weekly News Roundup - October 2014 #5

In this issue: - In preliminarily denying two exemption requests, the SEC takes a stand for market transparency in ETFs and upholds the arbitrage mechanism that allows market prices to closely track NAVs. -...more

SEC Denies Two Proposed Applications for Non-Transparent Active ETFs

The Division of Investment Management (Division) of the Securities and Exchange Commission took an unprecedented action on Wednesday in issuing a preliminary denial to two exemptive relief applications under the Investment...more

Corporate and Financial Weekly Digest - Volume IX, Issue 42

In this issue: - Delaware Court of Chancery Rejects Controlling Stockholder Claims and Applies Business Judgment Rule to Merger Suits - FINRA Remarks at the National Society of Compliance Professionals...more

SEC Issues Notice of Intention to Deny Application for Non-Transparent Actively Managed Exchange-Traded Funds

On October 21, 2014, the SEC issued a notice of intention to deny an application for exemptive relief (the “Application”) under the Investment Company Act, as amended (the “1940 Act”), filed on behalf of Precidian ETFs Trust...more

Financial Services Weekly News Roundup - October 2014 #2

Spotlight on the MSRB: In the Industry Developments section we report that the SEC, FINRA and the MSRB will be conducting a compliance outreach program for municipal advisors. The Municipal Securities Rulemaking Board was...more

Investment Management Firm Discloses Wells Notice Over Performance Claims

F-Squared Investments, Inc. (F-Squared), a registered investment manager that provides portfolios of exchange-traded funds (ETFs), recently disclosed that it received a Wells notice from the Securities and Exchange Commission...more

SEC Staff Grants No-Action Relief for Advisory Fee Rebate

The staff of the SEC’s Division of Investment Management (the “Staff”) granted no-action relief with respect to the rebate of advisory fees by Amerivest Investment Management, LLC (the “Adviser”) to eligible clients for which...more

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

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