February 24, 2020

Non-Transparent ETFs Receive Approvals to List on an Exchange

Earlier this month, certain non-transparent ETFs (NT ETFs) received approval to be able to list on an exchange. On February 12 and 20, 2020, the SEC approved Cboe BZX Exchange, Inc.’s (Cboe) proposals to list and trade shares of American Century Focused Dynamic Growth ETF, American Century Focused Large Cap…

Continue reading...

January 16, 2020

Major Exchanges for ETFs Have Filed Proposed Rule Changes to Establish Generic Listing Standards for ETF Shares Permitted to Rely on Rule 6c-11

NYSE Arca, Inc., the Nasdaq Stock Market LLC (NASDAQ), and Cboe BZX Exchange have filed proposed rule changes with the SEC to establish generic listing standards for exchange-traded funds (ETFs) that are permitted to operate in reliance on Rule 6c-11 under the 1940 Act. The proposed changes would largely simplify…

Continue reading...

January 8, 2020

Non-Transparent ETF Sponsors Request Additional Relief

Since the SEC issued orders to grant exemptive relief requested in applications filed by Blue Tractor Group, LLC, Fidelity Management & Research Company, Natixis Advisors, L.P., and T. Rowe Price Associates, Inc. to launch a type of non-transparent exchange-traded fund (NT ETF) that follows a proxy portfolio model on December…

Continue reading...

December 23, 2019

SEC Grants Exemptive Applications of Additional Non-Transparent ETF Sponsors

On December 10, 2019, the SEC issued orders to grant exemptive relief requested in applications filed by Blue Tractor Group, LLC, Fidelity Management & Research Company, Natixis Advisors, L.P., and T. Rowe Price Associates, Inc. to launch a type of non-transparent exchange-traded fund (NT ETF) that follows a proxy portfolio…

Continue reading...

October 24, 2019

Compliance and Effective Dates Set for New Exchange-Traded Funds Rule

On October 24, 2019, the SEC’s adopting release (Release) for Rule 6c-11 (Rule) under the Investment Company Act of 1940, as amended (1940 Act), to modernize the regulatory framework for most exchange-traded funds (ETFs) was published in the Federal Register, which means that the various compliance and effective dates for…

Continue reading...

October 1, 2019

SEC Adopts New Rule for Exchange-Traded Funds

On September 25, 2019, the SEC adopted Rule 6c-11 (Rule) under the Investment Company Act of 1940, as amended (1940 Act), to modernize the regulatory framework for most exchange-traded funds (ETFs).  The Rule eliminates the need for ETFs that can operate under its conditions to obtain an exemptive order from…

Continue reading...

June 11, 2019

SEC Approves Precidian’s Non-Transparent, Active ETFs

On May 20, 2019, the Securities and Exchange Commission (SEC) granted exemptive relief under the Investment Company Act of 1940 for Precidian Investments’ non-transparent actively managed exchange-traded funds (ETFs). The exemptive relief permits registered open-end investment companies that are actively managed ETFs to operate without being subject to the current…

Continue reading...

February 15, 2019

SEC’s Division of Investment Management Issues Information Update Regarding Updated Forms

On February 1, 2019, the staff of the SEC’s Division of Investment Management issued an Information Update to indicate that several forms (e.g., Forms N-1A, N-2, N-14 and N-CSR) on the SEC website have been updated to reflect amendments recently adopted by the SEC.

Continue reading...

February 15, 2019

Former SEC Economists File Comment Letter Criticizing Economic Analysis Underlying Regulation Best Interest Rule Proposal

On February 6, 2019, a group of 11 former SEC senior economists filed a comment letter criticizing the economic analysis underlying the SEC’s Regulation Best Interest Rule Proposal, which consists of three related rules aimed at reforming the way registered investment advisers and broker-dealers service retail customers.

Continue reading...

February 15, 2019

Federal Court Dismisses Excessive Fee Case Against Blackrock

On February 8, 2019, a U.S. federal court in New Jersey dismissed a lawsuit filed in 2014 alleging that BlackRock breached its fiduciary duty by receiving excessive investment advisory fees from two mutual funds, in violation of Section 36(b) of the Investment Company Act of 1940. The suit by shareholders…

Continue reading...

Menu