ETF Roundup Issue 2 - April 2017

SEC APPROVES CONTINUED LISTING STANDARDS

The US Securities and Exchange Commission (SEC) recently approved proposals by each of The NASDAQ Stock Market LLC (Nasdaq), Bats BZX Exchange, Inc. (Bats), and NYSE Arca, Inc. (NYSE) (each, an Exchange) to amend its rules to impose continued listing requirements for ETFs listed under an Exchange's generic listing standards (generically-listed products) or in reliance on a 19b-4 order (nongenerically- listed products). Previously, an index-based ETF was only required to comply with certain listing requirements on an initial basis. The amended listing rules, which are substantively similar for each Exchange, follow last year's adoption of generic listing standards for actively managed ETFs, which are required both at the initial listing and on a continuing basis.