SEC Grants Exemptive Relief To ETF From Tender Offer Rules

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The SEC Division of Corporation Finance Office of Mergers and Acquisitions granted no-action relief to an exchange-traded fund ("ETF") from requirements under SEA Rule 14e-5

United States Corporate/Commercial Law

The SEC Division of Corporation Finance Office of Mergers and Acquisitions granted no-action relief to an exchange-traded fund ("ETF") from requirements under SEA Rule 14e-5 ("Prohibiting Purchases outside of a Tender Offer"), subject to certain conditions. The SEC granted substantially similar relief to an ETF on August 23, 2017 (see previous coverage).

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