Growth in the ETP industry has led the SEC to seek public
comment on a variety of topics related to the listing and trading
of ETP shares.
On June 12, the US Securities and Exchange Commission (SEC) issued a
release (the Release) requesting comment on topics related to
the listing and trading of exchange-traded products (ETPs) on
national securities exchanges and sales of ETPs by broker-dealers,
including in their capacity as "authorized participants"
that transact directly with ETPs.1 The Release focuses
solely on issues under the Securities Exchange Act of 1934
(Exchange Act), including exemptive and no-action relief and
listing standards thereunder, and sets forth 53 total questions
(some with subparts) for public response. The Release follows
recent public comments by SEC Commissioner Kara Stein on ETPs and
alternative investment products,2 as well as the
recently issued order that instituted proceedings to determine
whether to approve or disapprove a rule
