An SEC final rule and form amendments codifying existing Investment Company Act exemptive relief related to exchange-traded funds ("ETFs") were published in the Federal Register (see here and here).
As previously covered, the SEC:
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adopted Investment Company Act Rule 6c-11, to provide qualifying ETFs with the ability to operate without having to obtain individual exemptive orders from the SEC;
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revoked prior exemptive relief given to qualifying ETFs and required that these ETFs comply with the conditions of Rule 6c-11;
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amended Forms N-1A and N-8B-2 to provide additional information on ETF trading and costs; and
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modified Form N-CEN to collect information upon which the ETFs may rely under Rule 6c-11.
The exemptive relief and final rule are effective on December 23, 2019. Compliance for amendments to Form N-1A, Form N-8B-2 and Form N-CEN is required as of December 22, 2020.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
