The SEC recently adopted Rule 12d1-4 (Rule 12d1-4 or Rule) under the Investment Company Act of 1940 (1940 Act) to streamline the regulatory framework applicable to registered funds that invest in other funds (funds of funds)....more
OVERVIEW -
- Industry Background
- ETF Mechanics
- New ETF Rule and Implications
- Periodically Disclosed ETFs
...more
OVERVIEW OF THE ETF RULE -
- On September 25, 2019, the SEC approved Rule 6c-11 under the 1940 Act (the “ETF Rule”) and related amendments to Form N-1A
- The ETF Rule will rescind previously-issued exemptive orders of...more
SEC ADOPTS LONG AWAITED ETF RULE TO MODERNIZE ETF REGULATION -
On September 25, 2019, the U.S. Securities and Exchange Commission (the “Commission” or “SEC”) approved Rule 6c-11 under the Investment Company Act of 1940, as...more
On Monday, April 8, 2019, the U.S. Securities and Exchange Commission (“Commission” or “SEC”) signaled the dawn of a new era for traditional active management and exchange-traded fund (“ETF”) regulation by noticing its intent...more
The Securities and Exchange Commission (“SEC”) has traditionally recognized the value of market and issuer research to the investment decision-making process....more
For several years now, the Securities and Exchange Commission (“SEC”) has placed strict limitations on the composition of exchange-traded fund (“ETF”) creation and redemption “baskets.” Creation and redemption baskets are,...more
In 2008, the Securities and Exchange Commission (“SEC” or “Commission”) approved the first actively managed exchange-traded funds (“ETFs”). The exemptive orders for those ETFs—and all active ETF exemptive orders since—have...more