News & Analysis as of

Mutual Funds Exchange Traded Funds

Seward & Kissel LLP

CBOE Applies for SEC Approval to List and Trade ETF Share Classes

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Who may be interested: Mutual Funds; Exchange-Traded Funds - Quick Take: Cboe BZX Exchange, Inc. (“CBOE”) has filed an application with the SEC pursuant to Rule 19b-4 under the Exchange Act seeking approval of a proposed...more

Proskauer - Regulatory & Compliance

SEC Approves Exchange Listing Applications for Spot Bitcoin ETPs

On January 10, 2024, the Securities and Exchange Commission (“SEC”) issued an order approving the applications of 11 different spot Bitcoin exchange‑traded products (the “Approved ETPs”) to each list and trade their shares on...more

K&L Gates LLP

Stay on Target: FINRA Proposes Rules Permitting Presentation of Performance Projections and Targets

K&L Gates LLP on

The regulation of broker-dealer communications is delegated to the Financial Industry Regulatory Authority, Inc. (FINRA), while investment adviser advertisements are regulated directly by the US Securities and Exchange...more

Proskauer Rose LLP

Quant Firm Applies to Issue ETF Share Classes in Mutual Funds

Proskauer Rose LLP on

Dimensional Fund Advisors LP ("Dimensional"), a quantitative investment firm, recently filed an application for exemptive relief ("Application") with the Securities and Exchange Commission ("SEC"), seeking permission to offer...more

Carlton Fields

ETF Share Transactions Based on Nonpublic Information: An Illegal Secret Ingredient?

Carlton Fields on

Those with nonpublic information about a merger or acquisition involving a company appear to be profiting by trading in shares of exchange-traded funds based on indexes that include such companies’ shares, according to a...more

Seward & Kissel LLP

SEC Division of Examinations Releases its 2023 Examination Priorities

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Who may be interested: Registered Investment Companies; Directors of Registered Investment Companies; and Investment Advisers. Quick Take: Registered funds should expect the staff of the Division of Examinations (Staff)...more

Goodwin

SEC Adopts Amendments to Shareholder Reports and Advertising Rules

Goodwin on

On October 26, 2022, the US Securities and Exchange Commission (SEC) voted to adopt rule and form amendments (the “final rules”) related to (1) shareholder reports of mutual funds and exchange-traded funds (ETFs) registered...more

Kramer Levin Naftalis & Frankel LLP

SEC Votes to Overhaul Mutual Fund and ETF Shareholder Reports

On Oct. 26, 2022, the Securities and Exchange Commission (SEC) unanimously voted to amend the annual and semi-annual shareholder report requirements for mutual funds and ETFs (Funds). The amendments, which require that Funds...more

Morgan Lewis

ETF Roundup – Issue 7 December 2021

Morgan Lewis on

UPDATE ON CRYPTO ASSETS IN ETFS - In 2018, the US Securities and Exchange Commission’s Division of Investment Management staff penned a letter to the Investment Company Institute and the Securities Industry and Financial...more

BCLP

SEC’s Observations from Recent Examinations into Registered Investment Company Initiatives

BCLP on

On October 26, 2021, the SEC released a Risk Alert from the Division of Examinations which provides observations from recent examinations of mutual funds, exchange-traded funds (“ETFs”) and investment advisers, including...more

Goodwin

U.S. Securities and Exchange Commission Division of Examinations Publishes Observations from its Registered Investment Company...

Goodwin on

The staff of the U.S. Securities and Exchange Commission’s (“SEC”) Division of Examinations (the “Division”) recently published a risk alert spotlighting observations from its “RIC Initiatives” — 200+ examinations of mutual...more

Goodwin

Treasury Department’s FSOC Acknowledges Climate Change as Threat to Financial Stability

Goodwin on

In This Issue. The Treasury Department’s Financial Stability Oversight Council (FSOC) issued a report acknowledging climate change as threat to financial stability; Federal Reserve Governor Michelle Bowman advocates for...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

SBDA account balances are up

With the market up, it makes sense that self-directed brokerage accounts in defined contribution plans would be up too....more

Morgan Lewis

SEC Examination Staff Outlines Observations of Registered Fund Compliance Risks

Morgan Lewis on

The Division of Examinations staff of the US Securities and Exchange Commission (SEC) published a risk alert on October 26, 2021, titled “Observations from Examinations in the Registered Investment Company Initiatives,” which...more

K&L Gates LLP

Unintended Consequences of Wyden's Proposal to Change Tax Treatment for Mutual Funds and ETFs

K&L Gates LLP on

On 10 September 2021, Senate Finance Committee Chairman Ron Wyden of Oregon released a discussion draft proposing changes to partnership taxation, and to the taxation of regulated investment companies including mutual funds...more

Dechert LLP

Wyden Tax Proposal: Effects on Mutual Funds, Exchange-Traded Funds & Publicly-Traded Partnerships

Dechert LLP on

Senator Ron Wyden (D-Oregon), chair of the Senate Finance Committee, released on September 9, 2021, draft tax legislation that would directly impact the tax treatment of mutual funds, exchange-traded funds (“ETFs”) and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Hire an advisor when you get an employee

I’m still amazed when I find participant-directed 401(k) plans without a financial advisor. While I understand how solo 401(k) plans don’t have an advisor because individuals think they can do it on their own, it makes no...more

Carlton Fields

Converting Mutual Funds to ETFs: A Fertile Field?

Carlton Fields on

A trend seems to be starting for open-end management investment companies to reorganize into exchange-traded funds. The March 12, 2021, merger of the Adaptive Growth Opportunities Fund, a series of the Starboard Investment...more

Eversheds Sutherland (US) LLP

What are DRMs and do you need one? SEC adopts framework for derivatives use by registered funds and BDCs

On October 28, 2020, the U.S. Securities and Exchange Commission (the SEC) voted 3-2 to adopt Rule 18f-4 (the Final Rule) under the Investment Company Act of 1940 (the 1940 Act), which establishes a comprehensive framework...more

Ballard Spahr LLP

SEC Proposes to Improve the Retail Investor Experience Through Modernized Fund Shareholder Reports and Disclosures

Ballard Spahr LLP on

The Securities and Exchange Commission (the SEC) proposed comprehensive modifications to the disclosure framework for mutual funds and exchange-traded funds (ETFs and, collectively with mutual funds, funds). The purpose of...more

Dechert LLP

SEC Proposes to Modernize Disclosure Framework for Mutual Funds and Exchange-Traded Funds, Modify Fee Information in Investment...

Dechert LLP on

The Securities and Exchange Commission on August 5, 2020 unanimously approved proposed rule and form amendments (Proposed Rule) that would comprehensively revise and update the disclosure framework for mutual funds and...more

WilmerHale

SEC Proposes to Modernize Fund Communications

WilmerHale on

On August 5, 2020, the Securities and Exchange Commission (SEC) proposed amendments to the disclosure framework for mutual funds and exchange-traded funds (ETFs) and to the advertising rules applicable to investment companies...more

Eversheds Sutherland (US) LLP

SEC proposes amendments to AFFE and advertisements: What this means for BDCs and the potential for a return to indexes

On August 5, 2020, the Securities and Exchange Commission (SEC) announced proposed modifications (the Proposed Rule) to the disclosure framework for mutual funds and exchange-traded funds (ETFs) registered on Form N-1A...more

Troutman Pepper

SEC: Improve the Retail Investor Experience through Better Fund Shareholder Reports and Disclosures

Troutman Pepper on

In a substantial August 5, 2020, release (the Proposal), the U.S. Securities and Exchange Commission (SEC) proposed changes to the existing disclosure framework applicable to mutual funds and exchange-traded funds (open-end...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You need a financial advisor

I am still how often I find participant-directed 401(k) plans without a financial advisor. While I understand how solo 401(k) plans don’t have an advisor because individuals think they can do it on their own. I have a solo...more

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