Stephanie A. Capistron
Boston +1 617 728 7127
A new rule adopted by the SEC allows many ETFs to operate without first obtaining exemptive relief. After addressing the ETF structure and regulatory framework, the authors describe the new rule in detail. They then turn to new exchange listing standards for ETFs, semi-transparent active ETF exemptive relief, and no-action relief for index-based funds to exceed diversification limits.