Client Alert

On June 12, 2015, the Securities and Exchange Commission issued a release seeking public comment to help inform its review of the listing and trading of new, novel, or complex exchange-traded products. These products include:

  • ETFs—exchange-traded funds registered under the Investment Company Act of 1940 as open-end funds or unit investment trusts;
  • Non-1940 Act Pooled Investment Vehicles—trust or partnership vehicles that do not invest primarily in securities, but rather physically hold precious metals or commodity or currency derivatives; and
  • Exchange-Traded Notes—senior debt instruments issued by financial institutions that pay a return based on the performance of a reference asset, such as an index, a stock or basket of stocks, or an investment strategy.

While ETPs are subject to certain requirements under the Securities Act of 1933 and the 1940 Act, the focus of the release is on the oversight of ETPs under the Securities Exchange Act of 1934 and the rules thereunder.

Related Practices

We have always been focused on finance.

  • 1913
    TS Chapman partners with Henry Cutler to form Chapman and Cutler
  • 1st
    Chapman's first client in 1913 is still a client of the firm today
  • 22
    Diverse financial practices serving regional, national, and global clients
  • 6
    Offices across the country and in key US financial centers

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