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ARTICLE · 19 DECEMBER 2012

SEC To Consider Exemptive Requests For Certain Actively Managed ETFs

Morgan Lewis
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Division of Investment Management to lift the moratorium on exemptive requests for actively managed ETFs investing in derivatives; new chapter signaled in the development of ETF industry.

United StatesFinance and Banking
Richard Morris
Richard Morris
Kaitlyn Piper
Kaitlyn Piper

Division of Investment Management to lift the moratorium on exemptive requests for actively managed ETFs investing in derivatives; new chapter signaled in the development of ETF industry.

On December 6, Norm Champ, the director of the Securities and Exchange Commission's (SEC's) Division of Investment Management (the Division), announced that the Division would no longer defer consideration of exemptive requests for actively managed exchange traded funds (ETFs) that intend to invest in derivatives. The announcement was made as part of a speech at the American Law Institute Continuing Legal Education Group's Conference on Investment Adviser Regulation: Legal and Compliance Forum on Institutional Advisory Services. 1

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