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

October 24, 2019

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 the Rule are now established.  The Rule eliminates the need for most ETFs to request exemptive relief from the SEC in order to operate, and the Release (i) rescinds the ETF exemptive relief for ETFs that have already received it and can rely on the Rule; and (ii) adopts related amendments to certain disclosure forms.  The compliance and effective dates as set forth in the Federal Register’s version of the Release are below:

Effective Date of the Rule December 23, 2019
Effective Date of Rescission of ETF Relief Contained in Exemptive Orders for ETFs that Can Rely on the Rule December 22, 2020
Compliance Date for Related N-1A, N-8B-2 and N-CEN Amendments December 22, 2020

The adopting release for the Rule as published in the Federal Register is available at this link:

This Seward & Kissel memorandum describes the Rule and related amendments in greater detail:


Exchange-Traded Funds (ETFs), Investment Companies, Regulatory