ARTICLE
13 December 2018

SEC Grants Standard Exemptions To Three ETFs

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The SEC granted to three exchange-traded funds ("ETFs") standard exemptive relief from Exchange Act Rule 10b-17(b)(1)(v)(a) and (b) ("untimely announcements of record dates").
United States Corporate/Commercial Law

The SEC granted to three exchange-traded funds ("ETFs") standard exemptive relief from Exchange Act Rule 10b-17(b)(1)(v)(a) and (b) ("untimely announcements of record dates"), as well as Rules 101 ("activities by distribution participants") and 102 ("activities by issuers and selling security holders during a distribution") of Regulation M. The ETFs are managed to track an index containing (i) preferred securities or (ii) a combination of preferred securities, hybrid securities and/or fixed income securities.

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