United States: ETF Roundup Issue 2 - April 2017


The US Securities and Exchange Commission (SEC) recently approved proposals by each of The NASDAQ Stock Market LLC (Nasdaq), Bats BZX Exchange, Inc. (Bats), and NYSE Arca, Inc. (NYSE) (each, an Exchange) to amend its rules to impose continued listing requirements for ETFs listed under an Exchange's generic listing standards (generically-listed products) or in reliance on a 19b-4 order (nongenerically- listed products). Previously, an index-based ETF was only required to comply with certain listing requirements on an initial basis. The amended listing rules, which are substantively similar for each Exchange, follow last year's adoption of generic listing standards for actively managed ETFs, which are required both at the initial listing and on a continuing basis.

The rule changes will require a generically-listed product to maintain the applicable Exchange's generic listing standards on a continuous basis. A non-generically-listed product will be required to comply on a continuous basis with all statements or representations made in its Rule 19b-4 filing regarding

  • the description of the index, holdings or reference asset (as applicable);
  • limitations on index composition, holdings or reference assets (as applicable);
  • dissemination and availability of index, reference asset or intraday indicative values (as applicable); and
  • the applicability of Exchange rules and surveillance procedures.

The new continued listing requirements will impose additional compliance requirements on ETFs. In particular, to the extent not already in place, ETFs will need to develop procedures for monitoring compliance with the listing requirements on a continuous basis. For a passively managed ETF, this may require monitoring compliance by the ETF's underlying index. As noted by commenters on the proposed rule changes, this may result in difficulty for passively managed ETFs that track third-party indexes where the ETF has no control over the index constituents.

In addition, each Exchange amended its rules to specify the delisting procedures due to non-compliance with the continued listing standards. In general, an Exchange will initiate delisting proceedings for an ETF that fails to meet a continued listing requirement. However, the amended rules also state that an Exchange may accept and review an ETF's plan to regain compliance when it fails to meet a continued listing requirement if the plan is submitted within 45 calendar days of the Exchange's notification of deficiency. To supplement an Exchange's surveillance of ETF compliance, the amended rules add a requirement that an ETF promptly notify its Exchange of any non-compliance with the continued listing requirements.

Finally, Nasdaq and NYSE amended their listing rules to require delisting of an ETF if, following the initial 12-month period following commencement of trading on the applicable Exchange, there are fewer than 50 record or beneficial holders of the ETF. Previously, the rules required a delisting only if the minimum record or beneficial holder requirement was not met for "30 or more consecutive trading days." This stricter amended rule may adversely impact newer or smaller ETFs in particular. Bats did not amend its listing rules in this manner.

Nasdaq is scheduled to implement its rule changes by August 1, 2017. Bats and NYSE are scheduled to implement their rule changes by October 1, 2017.


On March 10, the SEC rejected a proposal by Bats to list the Winklevoss Bitcoin Trust (Bitcoin ETP) as the first ETP that would track the price of bitcoin, based largely on concerns regarding the structure of the bitcoin market that would prevent the Exchange from detecting and deterring fraudulent and manipulative conduct as required by the Securities Exchange Act of 1934 (Exchange Act).1

About the Bitcoin ETP

The Bitcoin ETP's investment objective is to track the price of bitcoin, as measured by the clearing price of a two-sided auction that occurs daily on the Gemini Exchange. Bitcoin is a virtual currency issued by and transmitted through a decentralized peer-to-peer bitcoin computer network known as the "Blockchain" that records all bitcoin transactions. The Exchange proposed to list and trade the Bitcoin ETP's shares as commodity ETP shares under its applicable rules. Therefore, the Exchange was required to seek SEC approval of the proposed rule change and had the burden to demonstrate that the proposed rule was consistent with the Exchange Act.

The SEC's Rejection of the Proposal

The Exchange Act requires the national securities exchanges to have rules designed to prevent fraudulent and manipulative acts to protect investors and the public interest. The SEC stated that, in order to meet this standard, the Exchange must have surveillance-sharing agreements with significant markets for trading bitcoin and the same markets must be regulated. Because the exchange failed to satisfy these requirements, the SEC rejected the Exchange's proposal.

Specifically, while the Exchange claimed that it had entered into a comprehensive surveillance-sharing agreement with the Gemini Exchange, the SEC found that bitcoin trading on the Gemini Exchange represents only a small percentage of overall bitcoin trading and that the volume in the Gemini Exchange's auction is small relative to daily trading in bitcoin and to the number of bitcoin in a creation or redemption basket for the Bitcoin ETP. Additionally, the SEC noted that most bitcoin trading occurs in non-U.S. markets where there is little to no regulation governing trading, which typically acts as a necessary deterrent to market manipulation. Therefore, the SEC determined that the Exchange has not entered, and would not be able to enter, into a surveillance-sharing agreement with a significant, regulated, bitcoin-related market of the type that had been in place with respect to all previously approved commodity ETPs. As a result, the SEC found that the proposed rule raised "concerns about the potential for fraudulent or manipulative acts and practices" and rejected it on those grounds.

What's next for Bitcoin ETPs?

The ruling is a setback for other firms that had proposed bitcoin ETPs and hoped that the ruling would help bring bitcoin into the mainstream retail market. However, the SEC indicated that it could reconsider a bitcoin ETP in the future, noting that bitcoin is "still in the relatively early stages of its development and that, over time, regulated bitcoin-related markets of significant size may develop." Bats petitioned the SEC on March 24 to review the decision to reject Bats' proposal, which was issued by the SEC's Division of Trading and Markets pursuant to delegated authority. The SEC granted the petition on April 24, providing that any party to the action or other person may file a written statement in support of or in opposition to the decision on or before May 15.


Senate Panel Confirms SEC Nominee

On April 4, the US Senate Committee on Banking, Housing, and Urban Affairs approved Jay Clayton's nomination to serve as Chairman of the SEC. If approved by the Senate, Mr. Clayton would take the reins from Michael Piwowar, who was designated Acting Chairman of the SEC on January 23. Mr. Clayton is currently a partner at an international law firm, where his practice involves public and private mergers and acquisitions transactions, capital markets offerings, regulatory and enforcement proceedings, and other matters.

Implementation of Liquidity Rule Disclosure Requirements2

The recently adopted liquidity rule imposes new disclosure requirements for new funds and post-effective amendments filed on or after June 1, 2017. Item 11(c) of Form N-1A will now require funds to disclose in their prospectus:

  • The number of days following receipt of shareholder redemption requests in which the fund typically expects to pay out redemption proceeds to redeeming shareholders. If the number of days differs by method of payment (e.g., check, wire, automated clearing house), then disclose the typical number of days or estimated range of days that the fund expects it will take to pay out redemptions proceeds for each method used.
  • The methods that the fund typically expects to use to meet redemption requests, and whether those methods are used regularly, or only in stressed market conditions (e.g., sales of portfolio assets, holdings of cash or cash equivalents, lines of credit, interfund lending, and/or ability to redeem in kind).

However, pursuant to Item 11(g) of Form N-1A, ETFs that issue or redeem fund shares in creation units of not less than 25,000 shares each may omit these requirements.

OCIE Continues to Focus on ETFs

In January, the SEC's Office of Compliance Inspections and Examinations (OCIE) announced its 2017 priorities, which include examining ETFs' creation and redemption processes and ETFs' compliance with applicable regulatory requirements, including exemptive relief granted under the Exchange Act and the 1940 Act. OCIE also will focus on sales practices and disclosures involving ETFs and the suitability of broker-dealers' recommendations to purchase ETFs with niche strategies.

Fiduciary Rule Delayed3

The Department of Labor (DOL) has delayed applicability of its changes to the fiduciary investment advice regulation, commonly referred to as the fiduciary rule. The 60-day delay extends the original April 10, 2017 applicability date to June 9, and the DOL has further delayed the applicability of certain prohibited transaction exemption conditions until January 1, 2018.

Enforcement Actions Involving ETFs

In December 2016, the SEC announced that an investment adviser agreed to retain an independent compliance consultant and pay nearly $20 million to settle charges that it misled investors about the performance of an actively managed ETF and failed to accurately value certain fund securities. According to the SEC's order, to help increase the fund's initial performance, the adviser used a strategy that involved purchasing odd lot positions of non-agency mortgage-backed securities that traded at discounts to institutional round lot positions, and then valuing those odd lot positions at the higher round lot prices provided by a third-party pricing vendor. The SEC's order found that the adviser's policies and procedures were not reasonably designed to properly address issues concerning odd lot pricing, and that, by relying on the vendor's prices for round lots without any reasonable basis to believe that they accurately reflected what the fund would receive if it sold the odd lots, the adviser overstated the fund's net asset value almost every day in the four months following its launch in February 2012.

The SEC's order also found that the adviser made misleading statements regarding the reasons for the fund's initial performance in monthly and annual reports to investors by failing to disclose the impact of the "odd lot" strategy, and that the performance resulting from the strategy was not sustainable as the fund grew in size. Finally, the SEC's order found that the adviser negligently failed to disclose the existence and impact of the "odd lot" strategy to the fund's board of trustees, despite trustee inquiries about why the fund outperformed the adviser's similarly managed mutual fund.

In February, the SEC announced that a dually-registered investment adviser and broker-dealer agreed to pay an $8 million penalty and admit wrongdoing to settle charges related to inverse ETF investments it recommended to advisory clients. The SEC's order found that the respondent did not adequately implement its policies and procedures to ensure that clients understood the risks involved with purchasing inverse ETFs; failed to obtain from several hundred clients a signed disclosure notice, which stated that inverse ETFs were typically unsuitable for investors planning to hold them longer than one trading session unless used as part of a trading or hedging strategy; solicited clients to purchase inverse ETFs in retirement accounts with long-term investment horizons; and failed to require a supervisor to conduct risk reviews to evaluate the suitability of inverse ETFs for each advisory client, monitor the inverse ETF positions on an ongoing basis and ensure that certain financial advisers completed inverse ETF training.

SEC Shortens Settlement Cycle to T+2

On March 22, the SEC adopted an amendment to Rule 15c6-1 under the Exchange Act to shorten settlement times for most broker-dealer transactions from three business days after the trade date (T+3) to two business days (T+2). The amended rule is designed to enhance efficiency, reduce risk, and ensure a coordinated and expeditious transition by market participants to a shortened standard settlement cycle. The compliance date for the Rule 15c6-1 amendments is September 5, 2017. Currently, creation and redemption orders between an ETF and its authorized participants in the primary market settle on a T+3 basis. Purchases and sales of ETF shares on the applicable listing exchanges by investors in the secondary market also settle on T+3. As of the compliance date, both primary and secondary market transactions will be required to settle on T+2.

Interestingly, in the adopting release, the SEC appears to suggest that further shortenings of the settlement cycle to T+1 and T+0 are possible in the future, noting that such shortenings could potentially result in further risk reduction in the national clearance and settlement system. The SEC stated, however, that shortening the standard settlement cycle to T+2 is the appropriate step to take at this time because implementing a T+1 or T+0 settlement cycle could require market participants to incur comparatively larger investments and would necessitate more lead time and greater coordination.


Recently, we have found the following topics to be areas of focus for the SEC staff in their reviews of registration statements for ETFs and examinations of investment advisers to ETFs.

Representations of Index-Based ETFs

In reviewing registration statements for index-based ETFs, the SEC staff increasingly is requesting that such ETFs represent that the methodology of the index they are designed to track is rules-based, permits limited or no discretion, and is in compliance with the ETF's exemptive order. The staff is also requesting that, if discretion may be used in limited circumstances, such circumstances be specified. Finally, the staff is requesting that the ETF provide the staff with a "white paper" or similar documentation that describes the index methodology and that the license or sublicense agreement to which the ETF is a party be included as an exhibit to the ETF's registration statement.

Waivers of Creation and Redemption Transaction Fees

In examining investment advisers to ETFs, the SEC staff is focusing on waivers of creation and redemption transaction fees, particularly whether such waivers are permitted in exemptive orders, whether procedures governing such waivers have been adopted, and whether the ETF has disclosed its ability to waive such fees and resulting conflicts of interest.


The following is a list of ETFs registered under the 1940 Act that filed a Form 8-A between November 1, 2016 and March 31, 2017. Form 8-A is filed to register a class of securities under Section 12(b) or 12(g) of the Securities and Exchange Act of 1934 and is often filed in close proximity to an ETF's commencement of operations.

Hartford Multifactor Low Volatility International Equity ETF (LVIN)

Hartford Multifactor Low Volatility US Equity ETF (LVUS)

iShares iBonds Dec 2023 Term Muni Bond ETF (IBML)

JPMorgan Global Bond Opportunities ETF (JPGB)

PowerShares S&P SmallCap Quality Portfolio (XSHQ)

PowerShares S&P 500 Value With Momentum Portfolio (SPVM)

NuShares Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (NUSA)

Arrow Reserve Capital Management ETF (ARCM)

ETFS Bloomberg All Commodity Strategy K-1 Free ETF (BCI)

ETFS Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD)

ETFS Bloomberg Agriculture Commodity Strategy K-1 Free ETF (AGRI)

ETFS Bloomberg Energy Commodity Strategy K-1 Free ETF (BEI)

ETFS Bloomberg Energy Commodity Longer Dated Strategy K-1 Free ETF (BEF)

Direxion Auspice Broad Commodity Strategy ETF (COM)


Active Alts Contrarian ETF (SQZZ)

Hartford Corporate Bond ETF (HCOR)

Hartford Quality Bond ETF (HQBD)

O'Shares FTSE Russell International Quality Dividend ETF (OEEM)

iShares Core MSCI International Developed Markets ETF (IDEV)

Saba Closed-End Funds ETF (CEFS)

Tortoise North American Pipeline Fund (TPYP)

Global X U.S. Infrastructure Development ETF (PAVE)

VanEck Vectors Green Bond ETF (GRNB)

Inspire Global Hope Large Cap ETF (BLES)

Inspire Small Mid/Cap Impact ETF (ISMD)

Inspire Corporate Bond Impact ETF (IBD)

SerenityShares Impact ETF (ICAN)

PowerShares Conservative Multi-Asset Allocation Portfolio (PSMC)

PowerShares Moderately Conservative Multi-Asset Allocation Portfolio (PSMM)

PowerShares Balanced Multi-Asset Allocation Portfolio (PSMB)

PowerShares Growth Multi-Asset Allocation Portfolio (PSMG)

First Trust TCW Opportunistic Fixed Income ETF (FIXD)

Global X Founder-Run Companies ETF (BOSS)

WisdomTree Global ex-Mexico Equity Fund (XMX)

Tortoise Water Fund (TBLU)

MomentumShares International Quantitative Momentum ETF (IMOM)

MomentumShares U.S. Quantitative Momentum ETF (QMOM)

ValueShares U.S. Quantitative Value ETF (QVAL)

ValueShares International Quantitative Value ETF (IVAL)

IQ S&P High Yield Low Volatility Bond ETF (HYLV)

QuantX Risk Managed Growth ETF (QXGG)

QuantX Risk Managed Multi-Asset Income ETF (QXMI)

QuantX Risk Managed Multi-Asset Total Return ETF (QXTR)

QuantX Risk Managed Real Return ETF (QXRR)

QuantX Dynamic Beta US Equity ETF (XUSA)

Dhandho Junoon ETF (JUNE)

Virtus Cumberland Municipal Bond ETF (CUMB)

Franklin Liberty International Opportunities ETF (FLIO)

Davis Select Financial ETF (DFNL)

Davis Select U.S. Equity ETF (DUSA)

Davis Select Worldwide ETF (DWLD)

PowerShares Treasury Collateral Portfolio (CLTL)

ALPS/Dorsey Wright Sector Momentum ETF (SWIN)

Direxion Daily Consumer Staples Bear 1X Shares (SPLZ)

Direxion Daily Utilities Bear 1X Shares (UTLZ)

O'Shares FTSE Russell Small Cap Quality Dividend ETF (OUSM)

Pacer US Cash Cows 100 ETF (COWZ)

NuShares ESG Large-Cap Growth ETF (NULG)

NuShares ESG Large-Cap Value ETF (NULV)

NuShares ESG Mid-Cap Growth ETF (NUMG)

NuShares ESG Mid-Cap Value ETF (NUMV)

NuShares ESG Small-Cap ETF (NUSC)

NuShares Short-Term REIT ETF (NURE)

John Hancock Multifactor Developed International ETF (JHMD)

Janus SG Global Quality Income ETF (SGQI)

Virtus Newfleet Dynamic Credit ETF (BLHY)

WBI Power Factor" High Dividend ETF (WBIY)

PowerShares S&P International Developed High Dividend Low VolatilityPortfolio (IDHD)

iShares MSCI USA ESG Optimized ETF (ESGU)


InfraCap REIT Preferred ETF (PFFR)

Janus Short Duration Income ETF (VNLA)

Global X MSCI SuperDividend® EAFE ETF (EFAS)

JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE)

FlexShares® Core Select Bond Fund (BNDC)

USCF Restaurant Leaders Fund (MENU)

Legg Mason Global Infrastructure ETF (INFR)

Legg Mason Emerging Markets Low Volatility High Dividend ETF (LVHE)


1 The decision is similar to another issued on March 28, in which the SEC rejected a proposal for the SolidX Bitcoin Trust to be listed on the NYSE Arca, raising the same concerns as it did in rejecting the proposal for the Winklevoss Bitcoin Trust.

2 For a more complete discussion of the liquidity rule, see Issue 1 of the ETF Roundup.

3 For a discussion of the implications of this rule and its delay, see our LawFlash.

This article is provided as a general informational service and it should not be construed as imparting legal advice on any specific matter.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

In association with
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement

Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of www.mondaq.com

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at enquiries@mondaq.com.

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.