Securities Exchange Act, ETFs

New Proxy Voting Reporting Requirements For Investment Managers For 2023-24 Annual Meeting Season

Goodwin on 5/21/2024

On November 2, 2022, the U.S. Securities and Exchange Commission (SEC) announced the adoption of amendments to Form N-PX and related rules to extend public company stockholder vote disclosure filing requirements beyond...more

Nutter Securities Enforcement Update: March 1, 2024

Nutter McClennen & Fish LLP on 4/5/2024

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

SEC Approves Spot Bitcoin ETFs; CFTC Publishes DeFi Report; FINRA Addresses Crypto Assets; Reports Provide Data on Crypto Scams

BakerHostetler on 1/16/2024

On January 10, the U.S. Securities and Exchange Commission (SEC) simultaneously approved eleven spot bitcoin Exchange Traded Funds (ETFs) on an accelerated basis based on its Order Granting Accelerated Approval of Proposed...more

D.C. Circuit overturns SEC rejection of an investment company’s Bitcoin ETF

Orrick, Herrington & Sutcliffe LLP on 9/5/2023

On August 29, the D.C. Circuit overturned the SEC’s denial of a company’s application to convert its bitcoin trust into an exchange-traded fund (ETF). In October 2021, the company applied to convert its bitcoin trust to an...more

SEC Approves New ETF Listing Rules for Nasdaq, Cboe and NYSE Arca

Faegre Drinker Biddle & Reath LLP on 4/23/2020

In April 2020, the Securities and Exchange Commission (SEC) approved rule change proposals of the three primary listing exchanges for exchange-traded funds (ETFs). The new rules extend automatic listing to all ETFs that are...more

Newsflash: SEC Grants Requests to Automatically List Rule 6c-11 ETFs

Dechert LLP on 4/9/2020

On April 6, 2020, the Securities and Exchange Commission granted the request of Cboe BZX Exchange, Inc. (CBOE) to change BZX Rule 14.11(1).This will accelerate approval of Exchange-Traded Fund shares and series of ETF shares...more

California State Court Declines to Expand Standing for Claims Under 1933 Act

Sheppard Mullin Richter & Hampton LLP on 2/4/2020

In Jensen v. iShares Trust, 2020 Cal. App. LEXIS 61 (Cal. App. Jan. 23, 2020), a rare state court decision addressing claims under the Securities Act of 1933 (“1933 Act”), the California Court of Appeal rejected...more

SEC Re-Proposes New Rule Governing Funds’ Use of Derivatives

Vedder Price on 12/23/2019

On November 25, 2019, the U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) re-proposed a new exemptive rule under the Investment Company Act of 1940, as amended (the “1940 Act”)—Rule 18f-4 (the...more

SEC Re-Proposes Investment Company Derivatives Rule under the Investment Company Act

Sullivan & Worcester on 12/9/2019

The U.S. Securities and Exchange Commission (the “SEC”) re-proposed on November 25, 2019 rules under the Investment Company Act of 1940 (the “1940 Act”) relating to, among other things, use by investment companies of...more

SEC Proposes New Rules and Amendments to Update the Approach to the Regulation of Funds’ Use of Derivatives and Other Transactions

Dechert LLP on 11/27/2019

The U.S. Securities and Exchange Commission on November 25, 2019 approved for publication a three-part rule proposal related to the use of derivatives and certain other transactions by registered investment companies (i.e.,...more

A Summary: Changes to Exemptive Relief and Disclosure Requirements under the New ETF Rule

A&O Shearman on 11/26/2019

On September 26, 2019, the Securities and Exchange Commission (the SEC) adopted a final rule under the Investment Company Act of 1940 (the “Investment Company Act”) that will enable most exchange-traded funds (“ETFs”) to...more

Financial Services Quarterly Report - Third Quarter 2019: U.S. SEC Adopts Final ETF Rule and Issues Related Exchange Act Relief

Dechert LLP on 10/24/2019

The U.S. Securities and Exchange Commission adopted a new rule under the Investment Company Act of 1940 that will allow exchange-traded funds that satisfy certain standardized conditions to operate without first obtaining...more

SEC Adopts Final ETF Rule and Issues Related Exchange Act Relief

Dechert LLP on 10/21/2019

The U.S. Securities and Exchange Commission adopted a new rule under the Investment Company Act of 1940 that will allow exchange-traded funds that satisfy certain standardized conditions to operate without first obtaining...more

SEC Adopts Final ETF Rule to Streamline and Ease Product Development

Sullivan & Worcester on 10/10/2019

On September 26, 2019, the Securities and Exchange Commission (“SEC”) adopted a new rule to modernize the regulation of most exchange-traded funds (“ETFs”). Rule 6c-11 (the “Rule”) under the Investment Company Act of 1940, as...more

SEC Adopts New ETF Rule

Vedder Price on 10/1/2019

On September 26, 2019, the Securities and Exchange Commission (the “SEC”) adopted Rule 6c-11 (the “Rule”) under the Investment Company Act of 1940 (the “1940 Act”), the long-awaited “ETF Rule.” ETFs that satisfy certain...more

SEC Adopts Rule to Allow Most ETFs to Operate without an Order (With Strings Attached)

A&O Shearman on 10/1/2019

The Securities and Exchange Commission adopted a long-awaited exemptive rule that will allow most exchange-traded funds (ETFs) to operate without an exemptive order, subject to various conditions. The final rule, which the...more

SEC Adopts Long Awaited ETF Rule to Modernize ETF Regulation

K&L Gates LLP on 10/1/2019

SEC ADOPTS LONG AWAITED ETF RULE TO MODERNIZE ETF REGULATION - On September 25, 2019, the U.S. Securities and Exchange Commission (the “Commission” or “SEC”) approved Rule 6c-11 under the Investment Company Act of 1940, as...more

SEC Adopts Final ETF Rule and Issues Related Exchange Act Relief

Dechert LLP on 9/28/2019

Yesterday (September 26, 2019), the U.S. Securities and Exchange Commission announced the adoption of Rule 6c-11 under the Investment Company Act of 1940, which will allow exchange-traded funds that satisfy certain...more

Crypto Firms Make Inroads with State and Federal Regulators

Sheppard Mullin Richter & Hampton LLP on 10/31/2018

Over the past couple of years, the crypto industry has come under heavy scrutiny from skeptical regulators seeking to root out fraud and protect investors amid the initial coin offering boom that generated over $4 billion in...more

SEC denies application for bitcoin-based ETF; Commissioner Peirce dissents

Eversheds Sutherland (US) LLP on 8/1/2018

On July 26, 2018, the US Securities and Exchange Commission (SEC) denied an application for the Winklevoss brothers—of Facebook fame (and fortune)—to launch the first bitcoin-based exchange-traded fund (ETF) that would allow...more

Exchange-Traded Funds: Proposed Rule 6c-11

WilmerHale on 7/12/2018

After 26 years and the issuance of over 300 exemptive orders, the Securities and Exchange Commission (SEC or Commission), through the rulemaking process, is seeking to simplify and streamline the regulatory process for new...more

Investment Services Regulatory Update - November 2017

Vedder Price on 11/21/2017

New Rules, Proposed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues No-Action Letters to Facilitate Cross-Border Compliance with the Research “Unbundling” Provisions of the European...more

SEC Stays Approval of Quadruple-Leveraged ETF

Carlton Fields on 10/12/2017

On May 25, 2017, the SEC stayed a May 2 order issued by the Division of Trading and Markets, acting for the SEC pursuant to delegated authority, that would have permitted the listing and trading of shares of the first...more

SEC Eases Regulatory Burden for Listing Actively Managed ETFs

Broker-Dealer Compliance + Regulation on 7/25/2016

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

SEC Reconsiders Exchange-Traded Products

Carlton Fields on 10/5/2015

The SEC recently published myriad questions about the listing, trading, and marketing (especially to retail investors) of "new, novel, or complex" exchange-traded products (ETPs). Such ETPs include exchange-traded funds...more

Securities Exchange Act › Exchange Traded Funds

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