The SEC has issued a final rule, Exchange-Traded Funds.
The final rule “will permit exchange-traded funds (‘ETFs’) that satisfy certain conditions to operate without the expense and delay of obtaining an exemptive order.” Further, the final rule rescinds certain exemptive relief for ETFs and amends the disclosure requirements in Form N-1A and Form N-8B-2.
The SEC has also issued an exemptive order that grants “an exemption from compliance with certain provisions of the Securities Exchange Act of 1934 (‘Exchange Act’) and the rules thereunder to broker-dealers and certain other persons engaging in certain transactions in securities of [ETFs] relying on rule 6c-11 under the Investment Company Act of 1940.”
The final rule will become effective 60 days after the date of its publication in the Federal Register. For more information, see the press release and final rule on the SEC’s Web site.