An Overview of the SEC’s Recently Adopted Exchange-Traded Funds (ETF) Rule
On October 30, 2023, the Securities and Exchange Commission (SEC) issued an order granting broker-dealers exemptive relief from Rule 15c2-11 of the Securities Exchange Act of 1934 for fixed-income securities sold in...more
On October 30, 2023, after continued pressure from legislators and industry participants—and a recent lawsuit—the SEC issued an order providing relief for fixed-income securities sold pursuant to Rule 144A from the public...more
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
OFCCP issued yet another notice today regarding its handling of a FOIA request for production of all federal contractors’ EEO-1 Type 2 data from 2016 through 2020. The request keeps in place a February 17, 2023, deadline...more
In 2019, the Office of Federal Contract Compliance Programs (OFCCP) received an unprecedented Freedom of Information Act (FOIA) request from an investigative reporter (which was later amended), requesting Type 2 Consolidated...more
An increase in the volume and complexity of filings with the Ontario Securities Commission (OSC) has resulted in the temporary extension of review timelines for certain offering documents, compliance reviews, applications and...more
On January 5, 2021, the Securities and Exchange Commission (the SEC) issued a Public Statement updating the targeted regulatory relief that the SEC previously had granted in an effort to assist market participants, including...more
he U.S. Securities and Exchange Commission (the “SEC”) recently adopted new rules and rule and form amendments under the Investment Company Act of 1940 (the “1940 Act”) relating to, among other things, use of derivatives and...more
On October 7, 2020, the Securities and Exchange Commission (SEC) proposed to address long-standing questions regarding the applicability of the broker registration requirements to finders for small and emerging businesses....more
On October 7, 2020, the Securities and Exchange Commission (the "SEC") adopted Rule 12d1-4 under (the "Rule") the Investment Company Act of 1940 (the "1940 Act") and related amendments designed to put in place a comprehensive...more
At the October 7, 2020 open meeting of the Securities and Exchange Commission (SEC), Chairman Jay Clayton announced that the Staff of the Commission proposed to grant exemptive relief, permitting natural persons to engage in...more
Our Financial Services & Products Group examines a new proposal from the Securities and Exchange Commission that could provide some long-overdue clarity to funds and other businesses that seek wider access to capital through...more
On July 6, 2020, the Securities and Exchange Commission (the “Commission”) adopted rule amendments (the “Amendments”) to the exemptive relief application process under the Investment Company Act of 1940, as amended (the “1940...more
On July 6, the Securities and Exchange Commission (SEC or Commission) announced its long-awaited adoption of amendments (the Amendments) to Rule 0-5 (17 CFR 270.0-5) under the Investment Company Act of 1940 (the 1940 Act)...more
On March 13, 2020, the staff of the Securities and Exchange Commission (“SEC”) issued an exemptive order providing relief from certain provisions of the Investment Company Act of 1940, as amended (the “1940 Act”), to...more
In This Issue. The ongoing global outbreak of the coronavirus (COVID-19) continues to grow in scale and scope, creating public health and humanitarian challenges worldwide. Global economies are also being impacted. Federal...more
Exemptive Relief - The Securities and Exchange Commission (SEC) has issued an order (Order) providing temporary exemptive relief to public companies that are unable to meet filing deadlines due to circumstances related to...more
SEC/CORPORATE - SEC Amends Disclosure Rules for Registered Debt Offerings - On March 2, the Securities and Exchange Commission adopted amendments to the financial disclosure requirements for registered debt offerings...more
On January 21, 2020, the SEC issued a notice of its intention to grant exemptive relief to a registered fund and its investment adviser that would permit the fund’s board to approve new sub-advisory agreements and material...more
In this issue, we summarize regulatory, litigation and industry developments from October 2019 to early January 2020 impacting the investment management sector, including SEC action on use of derivatives by registered...more
On October 18, 2019, the SEC issued a release proposing amendments to Rule 0 5 under the Investment Company Act of 1940 that would expedite the review process for certain applications for exemptive relief under the 1940 Act....more
Presented by Pepper Hamilton and Financial Executives Alliance, Pepper Hamilton partners John P. Falco and John M. Ford discussed "An Overview of the SEC’s Recently Adopted Exchange-Traded Funds (ETF) Rule" on a recent...more
Until now, investment advisers seeking to launch ETFs had to navigate a costly and time-consuming approval process. The long-awaited change should be a boon to investors and managers alike, but it will also mean adapting to...more
On October 18, 2019, the US Securities and Exchange Commission (the “SEC”) announced that it had voted to propose rule amendments intended to improve the efficiency of the exemptive application review procedures available...more
The Securities and Exchange Commission (the "Commission") and the staff of its Division of Investment Management (the "Staff") have recently taken two actions that may prove beneficial to registered funds and business...more