New SEC Exchange-Traded Fund Rule: ETF Formation and Operation
New Requirements Regarding Transparency, Valuation, Reporting, Custom Baskets, Listing
This program has been cancelled
A live 90-minute premium CLE webinar with interactive Q&A
This CLE webinar will examine new Rule 6c-11 regarding the registration and operation of exchange-traded funds (ETFs). The panel will discuss what has changed with regard to exemptive orders, what constitutes an "Eligible ETF," requirements with regard to disclosure, reporting, and transparency for ETFs going forward, and what previously exempted ETFs must do now to comply.
- Existing ETF regulatory framework
- Investment Company Act of 1940 ("1940 Act")
- 1940 Act Exemptive orders
- Exemptive relief under the Securities Exchange Act of 1934 ("1934 Act")
- New ETF regulations: Rule 6c-11
- Defines exchange-traded fund
- Scope: most open-end funds are "Eligible ETFs"
- Daily reporting of holdings and pricing
- Policies and procedures governing the construction of investment baskets (including "custom baskets")
- Transparency about premium, discount, and bid-ask spread
- Recordkeeping requirements
- Deadline for compliance by existing funds with exemptive orders
The panel will review these and other relevant matters:
- What is the significance of Rule 6c-11 for new and existing ETFs? What deficiencies in the existing regulatory regime is it intended to fix?
- Why are leveraged, inverse, and semi-transparent ETFs excluded from the Rule?
- What are the operational requirements for ETFs under the Rule?
- When must existing ETFs comply with the Rule?
- Adding ETF series to existing trusts
W. Thomas Conner
Mr. Conner has represented financial services companies, including mutual funds, exchange traded funds (ETFs),... | Read More
Mr. Conner has represented financial services companies, including mutual funds, exchange traded funds (ETFs), insurance companies issuing fixed and variable annuities, commodity pools and commodity pool operators and other types of financial services firms for over 25 years. His practice combines regulatory experience with an extensive knowledge of the mutual fund, ETF, commodity pool, variable contract and investment advisory services.Close
Brian D McCabe
Ropes & Gray
Mr. McCabe is a partner in the asset management group. He focuses his practice on representing financial services... | Read More
Mr. McCabe is a partner in the asset management group. He focuses his practice on representing financial services clients including investment advisers, broker-dealers and mutual funds and their directors. Mr. McCabe has assisted in the formation and compliance maintenance of open- and closed-end investment companies, including business development companies (BDCs) and exchange-traded funds (ETFs), registered investment advisers, and a variety of unregistered pooled investment vehicles. He has experience in mergers and acquisitions involving both public and private companies.Close
W. John McGuire
Morgan Lewis & Bockius
Mr. McGuire counsels clients on investment company and investment adviser regulatory issues and related issues... | Read More
Mr. McGuire counsels clients on investment company and investment adviser regulatory issues and related issues affecting broker-dealers and transfer agents. He also assists clients with forming and acquiring investment companies and investment advisers. Mr. McGuire routinely handles matters involving the establishment, representation, and counseling of exchange traded investment companies (ETFs), their advisers, and listing markets.Close