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ARTICLE · 17 JUNE 2015

SEC Solicits Comments On Exchange-Traded Products

Morrison Foerster
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In a 51-page request for comment, the SEC said it is seeking information to assist in its review of the listing and trading of "new, novel, or complex ETPs, including requests by ETPs for exemptive and no-action relief. . . ."

United StatesFinance and Banking
Kelley Howes
Kelley Howes
Matthew Kutner
Matthew Kutner
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Citing significant growth in the size and scope of exchange-traded products (ETPs), on June 12, 2015, the SEC focused its attention on ETPs, including exchange-traded funds (ETFs), non-1940 Act pooled investment vehicles, and exchange-traded notes (ETNs).

In a 51-page request for comment, the SEC said it is seeking information to assist in its review of the listing and trading of "new, novel, or complex ETPs, including requests by ETPs for exemptive and no-action relief. . . ." While the SEC acknowledges its extensive experience with ETPs, it believes that engaging with the broader public and investment community will be beneficial to its continued oversight.

Not included in the request, however, are solicitations for comments with respect to exchange-traded managed funds (ETMFs), as the SEC notes that ETMFs "operate differently from existing ETPs" and do not yet list or trade on an exchange.

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