United States:
SEC Grants Exemptive Relief To ETF From Tender Offer Rules
23 August 2019
Cadwalader, Wickersham & Taft LLP
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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 ("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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