Moratorium › Securities & Exchange Commission

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

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