Compliance teams should not relax their procedures as the Securities and Exchange Commission considers a proposal to liberalize the use of exchange-traded funds, according to Domenick Pugliese, partner at Paul Hastings Janofsky & Walker in New York.
The SEC on March 11 released for comment proposed Rule 6c-11, which would provide several exemptions from the Investment Company Act to permit certain ETFs to be created and operate without the need to obtain individual exemptive relief from the Commission.
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