News & Analysis as of

Shareholders Exchange Traded Funds

Procopio, Cory, Hargreaves & Savitch LLP

An Alternative Listing Strategy for U.S. and Canadian Capital Markets

U.S. emerging growth companies face many challenges in today’s dynamic capital market when considering going public. One historic obstacle has been the limited number of national exchanges available, with companies usually...more

Proskauer - Regulatory & Compliance

SEC Answers Questions on New Tailored Shareholder Report Requirements

The staff of the Division of Investment Management (the “Staff”) has issued a FAQ pertaining to the rule and form amendments adopted by the Securities and Exchange Commission (the “SEC”) in October 2022, which require...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions - January 2023

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REGULATORY UPDATES - Recent SEC Leadership Changes - The Securities and Exchange Commission (the “SEC”) announced that Megan Barbero, currently SEC Principal Deputy General Counsel, will be appointed General Counsel,...more

K&L Gates LLP

The SEC's New Rule Demonstrates That It Believes Shareholder Reports, Like Clothes, Should Be Tailored to You

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On 26 October 2022, the Securities and Exchange Commission (SEC) adopted final rules and form amendments (the Final Rules) representing significant reforms to the content and delivery of shareholder reports for open-end...more

Seward & Kissel LLP

SEC Adopts Rule and Form Amendments Relating to Shareholder Reports and Investment Company Advertisements

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The Securities and Exchange Commission (SEC) recently adopted substantial amendments to shareholder reports used by investment companies, including mutual funds and exchange-traded funds (ETFs) (collectively, funds)...more

Eversheds Sutherland (US) LLP

SEC adopts significant changes to shareholder reports for N-1A filers and amendments to investment company advertising rules

On October 26, 2022, the Securities and Exchange Commission (SEC) adopted final rule and form amendments (Final Rule) that significantly alter the form and content of annual and semi-annual shareholder reports provided by...more

Sullivan & Worcester

SEC Adopts Modernized Disclosure Framework for Shareholder Reports

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On October 26, 2022, the Securities and Exchange Commission (“SEC”) adopted rule and form amendments that modernize the disclosure framework for mutual funds and exchange-traded funds (“ETFs”) to create a new layered...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

K&L Gates LLP

SEC Finalizes Major Changes to Shareholder Report Disclosure Scheme and Investment Company Advertisement Rules

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On 26 October 2022, the Securities and Exchange Commission (SEC) adopted final rule and form amendments (the Final Rules) representing major reforms to: 1) shareholder reports for open-end mutual funds and exchange-traded...more

Carlton Fields

Converting Mutual Funds to ETFs: A Fertile Field?

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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

Dechert LLP

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

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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

K&L Gates LLP

SEC Proposes Major Changes to Prospectus and Shareholder Report Disclosure Scheme

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I. INTRODUCTION AND SUMMARY - The Securities and Exchange Commission (SEC) has proposed a bold new approach to shareholder and investor communications by investment companies registered on Form N-1A under the Investment...more

Faegre Drinker Biddle & Reath LLP

SEC Proposes to Transform and Modernize Mutual Fund and ETF Disclosure Framework

On August 5, 2020, the Securities and Exchange Commission (SEC) unanimously approved the release of a proposal (the proposing release) to adopt new Rule 498B under the Securities Act of 1933, as amended, and other...more

Sheppard Mullin Richter & Hampton LLP

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

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

Skadden, Arps, Slate, Meagher & Flom LLP

Neuberger Berman Alleges Saba Capital Violating 1940 Act To Win Proxy Fights; Saba Investors on Notice, Should Consider Own Duties

As recently noted, Saba Capital Management, L.P. (Saba) has begun to escalate its attacks on the closed-end fund asset class, at the expense of retail fund shareholders.1 Saba continues its offensive against closed-end funds,...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions

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REGULATORY UPDATES - The U.S. Securities and Exchange Commission (“SEC”) Rule Permitting Electronic Delivery of Materials as Default Method Faces Backlash - On August 8, 2018, the Coalition for Paper Options (“CPO”),...more

K&L Gates LLP

Saving Trees: SEC Allows Notice & Access Delivery of Shareholder Reports

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On June 4, 2018, the Securities and Exchange Commission (the “SEC”) voted to adopt new Rule 30e-3 (the “Rule”) under the Investment Company Act of 1940, as amended (the “1940 Act”)....more

Vedder Price

Investment Services Regulatory Update - July 2018

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New Rules, Proposed Rules, Guidance and Alerts - PROPOSED RULES - SEC Proposes New Rule to Permit Certain ETFs to Operate Without an Exemptive Order - On June 28, 2018, the SEC issued a proposed new rule under the...more

Vedder Price

Investment Services Regulatory Update - November 2017

Vedder Price on

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

Broker-Dealer Compliance + Regulation

California Court Applies “Tracing” Requirement to ETF Shareholders Who Sue under Section 11

A California state court held that shareholders of exchange-traded funds (ETFs) have standing to sue under Section 11 of the Securities Act of 1933 (“1933 Act”) for an alleged prospectus misstatement only if they can trace...more

Morgan Lewis

SEC Proposes Liquidity Risk Management Rules for Open-End Funds

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In the second step of its five-part plan to enhance registered funds regulations, the SEC has proposed new requirements on portfolio liquidity, risk monitoring, and board oversight. At an open meeting held on September...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume IX, Issue 42

In this issue: - Delaware Court of Chancery Rejects Controlling Stockholder Claims and Applies Business Judgment Rule to Merger Suits - FINRA Remarks at the National Society of Compliance Professionals...more

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