February 11, 2021

Two Semi-Transparent ETF Sponsors Receive Amended Exemptive Relief to Use “Custom Baskets”

On February 9, 2021, the SEC granted amended exemptive relief for two sponsors of semi-transparent ETFs (ST ETFs) to permit these ST ETFs to create and redeem creation units with authorized participants (APs) in exchange for “custom baskets” (Amended Relief). ST ETFs are ETFs that generally do not disclose their full portfolio holdings each day before trading begins on the stock exchange where they are listed. The Amended Relief was granted in response to separate applications filed by Invesco and Natixis relates to “proxy portfolio” ST ETFs. Rather than disclosing its entire portfolio, a proxy portfolio ST ETF discloses a portfolio of other securities and assets that are intended to be highly correlated with the ST ETF’s portfolio securities.

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February 8, 2021

Independent Directors Council Submits Comment Letter on Federal Trade Commission’s Proposed Amendments to Premerger Notification Requirements

The Independent Directors Council (IDC) recently submitted a comment letter on the Federal Trade Commission’s (FTC) notice of proposed amendments to the premerger notification rules (Proposed Amendments).  These rules govern premerger notification filings that the FTC uses to determine in advance whether transactions are likely to be anticompetitive under the…

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