SEC Adopts Final ETF Rule, Relieving Many of the Need for Exemptive Orders

Sponsors of many exchange-traded funds will soon no longer need to seek anexemptive order before coming to market. The SEC on September 26 adopted a final ETF Rule, which allows such funds to operate within the scope of the Investment Company Act, saving them considerable cost and delay. The Rule 6c-11, along with amendments to […]

Peirce: SEC Needs to Move Forward on More Kinds of ETFs

SEC Commissioner Hester Peirce commends the Commission for proposing a Rule that standardizes most exchange-traded funds, but she wants the agency to approve more novel kinds of ETFs, including those that are non-fully transparent, leveraged or inverse.

Examiners Will Target Certain Types of Mutual Funds, ETFs and Their Advisers

The SECs examination arm is getting the word out about perceived fund and adviser risk areas. Just eight days after issuing a risk alert in regard to advisers and the Cash Solicitation Rule, it has issued another risk alert on risk-based examinations focusing on mutual funds, exchange-traded funds and their advisers.

Asset Management Community Strongly Supports ETF Rule with Some Caveats

Associations representing investment companies and others in the asset management community have come out strongly in favor of the SECs proposed Exchange-Traded Funds Rule. Its rare that support is 100 percent, however - most of those supporting the proposal also had suggestions for changes or further improvements.

SEC Adopts Liquidity Classification Changes, Proposes Standard ETF Exemption

The SEC on June 28 took some major steps toward fulfilling its agenda, and in ways that will ease work for advisers and funds. Among them were adopting the changes it proposed this past March to the classification requirements of the Liquidity Risk Management Rule, and a proposal that would allow certain exchange-traded funds to operate without first having to obtain a fund-specific exemptive order.

SEC Moving Forward on Exchange-Traded Funds Rule

The SEC under chairman Jay Clayton has a relatively short list of regulatory priorities for 2018, and one that appears to be on the high-priority track is proposing an Exchange-Traded Funds Rule. Division of Investment Management director Dalia Blass, who spoke on the need for such a rule at a recent conference, is clearly an advocate of getting such a rule adopted.

SEC Liquidity Risk Management FAQs Flesh Out ETFs, Role of Subadvisers

Funds and advisers with questions about liquidity risk management programs may breathe a bit easier - at least if some of those questions pertained to how in-kind exchange-traded funds work and the role of sub-advisers. The SECs Division of Investment Management on January 10 issued FAQs that address at least some of the questions that have arisen in these areas.

Audio Interviews

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.