Hogan Lovells Cadwalader is a global law firm trusted by clients to deliver on complex, high-stakes matters.
Operating at the intersection of business, finance, and government, we bring an unwavering commitment to client service and the decisive counsel that helps clients achieve exceptional results.
Consistently recognized for innovation across legal services, we combine sharp judgment with deep commercial perspective and intellectual rigor to address critical, cutting-edge challenges.
With 3,100 lawyers worldwide, we offer global scale with strong local insight in the markets that matter most. Our commitment extends beyond client work through pro bono activities, community investment, and responsible business practices.
The SEC proposal to adopt a new rule that would modify the approval process for certain exchange-traded funds ("ETFs") was published in the Federal Register.
The SEC proposal to adopt a new rule that would modify the
approval process for certain exchange-traded funds
("ETFs") was published in the Federal Register. Comments
must be submitted by October 1, 2018.
As
previously covered, proposed Investment Company Act Rule 6c-11 would enable open-ended ETFs to come
to market without applying for an exemptive order. Certain ETFs
would not be able to rely on the rule, including ETFs organized as
unit investment trusts ("UITs"), leveraged ETFs, inverse
ETFs and ETFs organized as the share class of a multi-class fund.
ETFs that qualify for the exemptive rule would be required to meet
certain conditions.
The proposal also includes amendments to disclosure obligations
for funds organized as UITs.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
