SEC Saves the Date to Discuss Major New ETF Rule
- Regulation would speed path for funds to be approved
- Under current regime, different firms have different rules
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The U.S. Securities and Exchange Commission has set a date to consider a new rule that would speed the process of bringing an ETF to market.
On June 28, the SEC will discuss whether to propose regulations that would allow asset managers to sell certain types of exchange-traded funds without first gaining its approval, according to the commission’s agenda. Under current rules, wannabe ETF issuers must get SEC permission -- a process known as exemptive relief -- before selling funds under the Investment Company Act of 1940.