Financial Services Quarterly Report First Quarter 2017: SEC Approves New Continued Listing Standards for ETFs

Dechert LLP
Contact

Dechert LLP

Since their U.S. introduction in 1993, exchange-traded funds (ETFs) – which have grown to over 1,800 products with holdings of over $2.7 trillion1 – have operated under exemptive relief from many of the Securities and Exchange Commission (SEC) rules otherwise applicable to mutual funds. New types of ETFs continue to test the limits of ETF regulation and exemptions.2 As an exchange-traded product (ETP), ETFs are subject to stock exchange rules and listing standards in addition to SEC rules.

While ETFs generally may comply with generic exchange listing standards or standards specific to a particular ETF on an ongoing basis, current practice has required that index ETFs comply only at the time of initial listing. However, under the SEC-approved proposals discussed below, continued monitoring and application of listing standards would be required for all ETFs, which may cause additional compliance costs and obligations. In the midst of a race to the bottom for ETF fees,3 those additional costs could be significant.

Summary Overview

From September 2016 through January 2017, each of NYSE Arca, Inc. (Arca), Bats BZX Exchange, Inc. (Bats), and NASDAQ Stock Market LLC (Nasdaq) (collectively, Exchanges) filed separate proposals to amend their generic listing standards to add specific continued listing standards for ETFs and other types of exchange-traded products,and to specify the delisting procedures for ETFs in the event of non-compliance with such continued listing standards. The proposals apply continued listing standards to passively-managed (or index) ETFs and actively-managed (or active) ETFs that are listed in reliance on their own 19b-4 Order (defined below), as well as those ETFs listed in reliance on an Exchange’s generic listing standards. The SEC received several comment letters from key industry participants, including the Investment Company Institute and three of the four largest U.S. ETF sponsors, which raised significant concerns and urged the Exchanges to withdraw the proposals or the SEC to disapprove them. Notwithstanding the commenters’ concerns, in March 2017 the SEC approved Arca’s5 and Bats’6 proposals in substantially the form proposed, and had previously approved Nasdaq’s proposal in substantially the form proposed.7 ETF sponsors should note that significant compliance enhancements may be required to ensure proper and continuous testing of securities in an ETF’s underlying index and/or portfolio in lieu of testing for compliance solely at the time of initial listing or at the time of an investment decision. The amended rules are scheduled to take effect by August 1, 2017 (for Nasdaq) or October 1, 2017 (for Arca and Bats).

Scope of the Rule Changes

In 2016, the SEC approved new generic listing standards for each of the Exchanges to permit the listing and trading of active ETFs.8 Although these generic listing standards were in many ways modeled upon the Exchanges’ generic listing standards for index ETFs, one notable difference was that the 2016 active ETF standards applied on a continuous basis, not just at the time of the ETF’s initial listing (as had been the case for the index ETF standards).9 As discussed in greater detail below, testing for compliance with the generic listing standards on a continuous basis presents several operational and compliance challenges. In connection with approving a continued listing standard within the active ETF generic listing standards, the SEC staff requested that the Exchanges develop proposals to amend their index ETF generic listing standards to include a similar continued listing standard.

Beginning with Nasdaq’s proposal filed in September 2016, each of the Exchanges proposed to amend their listing rules to specify new continued listing standards that would apply to index ETFs relying on the generic listing standards. The proposals also apply continued listing standards to any index ETFs or active ETFs listed pursuant to their own 19b-4 Orders (non-generically-listed ETFs). Arca and Nasdaq further proposed to amend the requirement to delist an ETF if, following the initial 12-month period following commencement of trading on the Exchange, there are fewer than 50 record and/or beneficial holders of the ETF for 30 or more consecutive trading days, by deleting the threshold “30 or more consecutive trading days.” This requirement has been difficult to meet for certain newer or smaller ETFs, and the deletion of the 30 or more consecutive trading days threshold will make this requirement more challenging for these ETFs.

The Exchanges also proposed to amend their rules to specify ETF notification requirements related to failure to comply with the continued listing standards. Specifically, the Exchanges’ rules are being amended to require an ETF to promptly notify its listing Exchange after the ETF becomes aware of any non-compliance with an applicable continued listing standard. As proposed, the Exchanges would, to the extent the non-compliance is not cured, initiate delisting proceedings for an ETF if any of its continued listing standards are not continuously maintained, subject to the delisting procedures set forth in the Exchange’s rules. ETFs are currently subject to the delisting procedures of the Exchange on which they are listed, and these procedures give the Exchanges discretion to offer non-compliant ETFs the opportunity to submit a plan to regain compliance. Such plans are typically due to the Exchange within 45 days of notification of non-compliance. If such a plan is accepted, non-compliant ETFs are afforded a cure period to regain compliance. The Exchange Orders apply this same procedure to an ETF’s non-compliance with the continued listing standards.

Industry Pushback on the Proposed Rule Changes

Several key industry participants commented on the proposals, and most focused on four key concerns.10 First, commenters questioned how an index ETF, especially one that uses indexes established and maintained by unaffiliated third parties, would comply with the proposed rules and how the Exchanges would enforce them.11 Commenters asserted that it would be unrealistic to anticipate that an ETF could ensure that an unaffiliated index complies with the initial listing standards on an ongoing basis, and expressed concern that an index ETF, through no action of its own, could see certain of the constituent securities of the unaffiliated index fall below the listing requirements. One commenter stated its view that even if a third-party index provider was amenable to changes to an underlying index that would allow an ETF to regain compliance with the continued listing standards, it is unlikely that the ETF would be able to formulate a compliance plan within the deadline required by the Exchanges’ delisting procedures (i.e., within 45 days of notifying the Exchange of non-compliance).12

Second, commenters argued that the proposals would unfairly discriminate against ETFs because the proposals would result in differential treatment of ETFs as compared to other exchange-listed securities (e.g., common stock).13 Commenters noted that the continued listing standards for equity securities generally differ from the initial listing standards, whereas the proposed ETF continued listing standards would be the same as the initial listing standards.14

Third, commenters asserted that the proposals provide no explanation or evidence regarding the potential manipulation of ETFs under the current rules, or how the proposals would reduce the potential for manipulation.15 One commenter also noted that significant compliance enhancements could be required to ensure proper and continuous testing of securities held in an ETF’s underlying index and/or portfolio, and questioned how this type of testing would enhance investor protection.16

Lastly, commenters noted that the potential for ETFs, through no action of their own, to be delisted raises very serious economic consequences for investors and the ETFs themselves.17

The SEC Response to Industry Comments

In approving the proposals, the SEC noted in the Exchange Orders that “the development, implementation, and enforcement of standards governing the initial and continued listing of securities on an exchange are activities of critical importance to financial markets and the investing public.” The SEC further noted, “[o]nce a security has been approved for initial listing, continued listing criteria allow an exchange to monitor the status and trading characteristics of that issue to ensure that it continues to meet the exchange’s standards for market depth and liquidity so that fair and orderly markets can be maintained.”

The SEC noted its belief that “a variety of means are available to [ETFs] to monitor for a product’s compliance with the continued listing standards.” For example, the SEC noted that “information regarding the composition of a third party index may be publicly available, or may be obtained from the index provider pursuant to provisions in the index licensing agreement, so that the [index ETF] can monitor its compliance on an ongoing basis. If an index approaches the thresholds set forth in the continued listing standards, the [index ETF] may decide to engage in discussions with the index provider regarding potential modifications to the index so that the [index ETF] can continue to be listed on the Exchange.” Requiring index ETFs to take the additional step of monitoring their underlying indexes for continuous compliance with the generic listing standards adds a new compliance burden where none existed previously, potentially adding cost and complexity to an ETF’s operations. The SEC noted that if an index provider is unwilling to modify the index in order to comply with an Exchange’s listing requirements, the Exchange may submit a proposal for an ETF-specific 19b-4 Order to continue to list the ETF based on the index. However, it should be noted that this process typically takes several months and may subject the ETF to heightened scrutiny from the SEC staff as to why the ETF should be permitted to depart from the generic listing standards – thus raising doubt as to whether such a proposal would be approved depending on the facts and circumstances of the proposal.

With respect to commenters’ questions regarding the Exchanges’ enforcement of the proposed continued listing requirements, the SEC noted that the Exchanges are proposing to apply their existing delisting procedures, rather than adopting new delisting procedures, while noting that the proposals’ requirement that ETFs notify an Exchange of a failure to comply with the continued listing standards would supplement the Exchange’s own surveillance of its listed ETF issuers.

With respect to commenters’ concerns that the proposed listing standards would treat ETFs fundamentally differently than other types of listed equity securities, the SEC noted that listed common stock is subject to certain listing standards that are the same on an initial and continuing basis, and that the generic listing standards that address the index composition of certain other types of index-based ETPs already apply equally on an initial and ongoing basis.

Finally, with respect to commenters’ questions regarding the purpose of the proposals and their impact on the potential for manipulation and investor protection, the SEC noted that, in approving a wide variety of ETP listing standards, including standards that apply to underlying indexes or portfolios, the SEC “has consistently explained that these standards, among other things, are intended to reduce the potential for manipulation by assuring that the ETP is sufficiently broad-based, and that the components of an index or portfolio underlying an ETP are adequately capitalized, sufficiently liquid, and that no one stock dominates the index.” According to the SEC “[f]or exchange listing standards to effectively achieve their goals, including to effectively address the potential for manipulation of a listed ETP, their application cannot be linked to only a single point in time (i.e., the time of initial listing). Instead, they must be applied on an ongoing basis.”

Continued Listing Standards Also Apply to ETFs Relying on a 19b-4 Order

With respect to non-generically listed products that rely on their own 19b-4 Order, the proposals amend applicable Exchange rules to state that all statements or representations in a 19b-4 Order regarding the following constitute continued listing requirements: (i) the description of the index, portfolio, or reference asset (as applicable to a specific ETF); (ii) limitations on index, portfolio holdings, or reference assets (as applicable to a specific ETF); or (iii) the applicability of Exchange listing rules (including, for example, statements and representations related to the dissemination of the intraday indicative value and index value, as applicable).

Implementation Dates

Because the Nasdaq proposal was earlier approved by the SEC in January 2017, Nasdaq is scheduled to implement its rule changes by August 1, 2017. The proposals from Arca and Bats were approved by the SEC in March 2017, thus Arca and Bats are each scheduled to implement their proposed rule changes by October 1, 2017.

Footnotes

1) Dave Michaels, Here Come ETF Regulations (and Why the Industry Is Happy About It), Wall St. J., Mar. 6, 2017.

2) For further information, please refer to the following Dechert OnPoints: SEC Adopts New Rules and Rule Amendments to Require Registered Open-End Investment Companies to Establish Liquidity Risk Management Programs and Permit Them to use “Swing Pricing”; SEC’s Proposed Modernized Reporting Regime: Effects on ETF Sponsors; and US SEC Seeks Public Comment on the Listing, Trading and Selling of Exchange Traded Products.

3) Sarah Max, Race to the Bottom: How Low Can ETF Fees Go?, Barron’s, Oct. 15, 2016.

4) Although the proposals apply to the Exchanges’ rules governing various types of exchange-traded products, this article focuses primarily on the proposals’ impact on ETFs.

5) Securities Exchange Act Release No. 80189 (Mar. 9, 2017) (Arca Order). Arca’s proposal was first filed in January 2017.

6) Securities Exchange Act Release No. 80169 (Mar. 7, 2017) (Bats Order). Bats’ proposal was first filed in November 2016.

7) Securities Exchange Act Release No. 79784 (Jan. 12, 2017) (Nasdaq Order, together with the Arca Order and Bats Order, Exchange Orders). Nasdaq’s proposal was first filed in September 2016.

8) For further information, please refer to Dechert OnPoint, NYSE ARCA and BATS Adopt Generic Listing Standards for Active Exchange-Traded Funds, Which May Expedite Fund Launches. Nasdaq subsequently adopted substantial identical standards.

9) The Exchanges’ generic listing standards set forth quantifiable criteria for compliance, which are designed to: (i) ensure that securities with substantial market capitalization (or par amount outstanding) and trading volume account for a substantial portion of the weight of an index or portfolio underlying an ETF; (ii) provide transparency regarding the components of an index or portfolio underlying an ETF; (iii) ensure that there is adequate liquidity in the ETF itself; and (iv) provide timely and fair disclosure of useful information that may be necessary to price the ETF. To the extent any ETF cannot meet the conditions of the applicable generic listing standards, the Exchange on which the ETF seeks to list can propose an ETF-specific rule change pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, which is subject to SEC approval (19b-4 Order). 

10) See, e.g., Letters to Brent J. Fields, Secretary, SEC, from David W. Blass, General Counsel, Investment Company Institute, dated January 12, 2017 (ICI Letter); and Samara Cohen, Managing Director, U.S. Head of iShares Capital Markets, Joanne Medero, Managing Director, Government Relations & Public Policy, and Deepa Damre, Managing Director, Legal & Compliance, BlackRock, Inc., dated February 14, 2017 (BlackRock Letter). ALPS Distributors, First Trust, Invesco Powershares, Northern Trust, Nuveen, State Street Global Advisors and WisdomTree each submitted comment letters that mentioned and supported comments in the ICI Letter.

11) See, e.g., ICI Letter.

12) See BlackRock Letter.

13) See, e.g., ICI Letter.

14) See, e.g., ICI Letter.

15) See, e. g., ICI Letter.

16) See BlackRock Letter.

17) Seee.g., ICI Letter.

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Dechert LLP | Attorney Advertising

Written by:

Dechert LLP
Contact
more
less

Dechert LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.