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Exchange-Traded (ETFs)

The proposal would move “fund disclosures to the 21st century” by urging funds to use interactive and “user-friendly design features” to help investors “customize” information ...
I am concerned about the proposal’s treatment of acquired fund fees and expenses (“AFFE”). Specifically, the proposal would allow funds to exclude AFFE from their ...
Hester Peirce
The verbal explosion that has occurred in our releases over the last twenty years means that only securities attorneys and compliance professionals, who are paid ...
Elad Roisman
Fund shareholders may be paying these fees regardless of the funds in which they invest. Perhaps these shareholders would not mind paying this extra cost ...
Jay Clayton
Today’s proposal would establish a new disclosure framework for mutual funds and ETFs that modernizes the shareholder reports provided to existing investors and the prospectuses ...
The proposal is designed to alleviate concerns that fund retail shareholders currently may receive disclosure materials that are not well-suited to their needs, which may ...
Issue tied to breaches of limitations on an IC's ownership interests in another
he new procedures will be effective nine months from their publication
FAV’s compliance department discovered the breaches of the limits in Section 12(d)(1)(A)
Two SEC commissioners have expressed their concerns about non-transparent ETFs
The Securities and Exchange Commission (the “Commission”) is adopting a new rule under the Investment Company Act of 1940 (the “Investment Company Act” or the ...
New Investment Company Act rule 6c-11 erases decades of exemptive letters
Now that the SEC has completed its ground-breaking fiduciary duty rulemaking, the Commission can now turn its sights on other rulemaking initiatives currently in the ...
One issue that I would like to see the Division of Investment Management add to its agenda is the marketplace’s interest in gaining exposure to ...
How do you get socked with a $100,000 fine for violations involving less than 1% of your revenue?    The answer shows the continuing importance ...
After achieving 100% of its planned milestone’s last year, the SEC’s Division of Investment Management is actively moving on a number of priorities comprising its ...
There may be 12 days of Christmas but you can count six regulations – four final rules and two proposals – newly gifted from SEC ...
Division staff remain available to advise and assist, just as we always have. We will continue to issue FAQs, no-action letters and other guidance, as ...
The SEC believes ETFs have matured to where they deserve their own rules rather than a patchwork of hundreds of instances of staff-issued guidance released ...
The SEC’s Division of Investment Management is revisiting the prohibition on the use of testimonials as part of its broader effort to consider recommendations to ...
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